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IMF Antigua Loan Approved

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The St. Kitts-Nevis Observer: "June 9 – The International Monetary Fund (IMF) has given the green light for Antigua and Barbuda to access about US$117.8 million over the next three years. A fifth of that – about US$24.5 million – is available immediately.

The total loan figure represents 600 percent of Antigua and Barbuda’s Special Drawing Rights (SDR) IMF quota.

Antigua and Barbuda’s tourism-dependent economy has been severely impacted by the global economic and financial crisis. Falling tourism and foreign direct investment (FDI)-related construction activities have contributed to a sharp decline in government revenue and a seven percent contraction of the economy in 2009 – the worst recession in decades."
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