AN International Monetary Fund (IMF) mission to Antigua and Barbuda says the country should get another tranche of money after successfully passing its first review since the approval of a US$117.8-million Stand-By Agreement (SBA) in June.The team was in the twin-island nation from September 1-9 and has issued a statement delivering the good news for the cash-strapped administration.”All end-June quantitative performance targets were met,” head of the staff mission Wendell Samuel said.”Based on the performance of the economic programme and planned actions going forward, the mission will recommend that the IMF executive board complete the first review of the SBA, resulting in the disbursement of US$5.1 million.”The board is expected to discuss the matter toward the end of this month.Antigua and Barbuda received the first tranche of money — US$24.5 million — in July but the government continued to struggle, unable to pay public sector workers on time. Finance and Economy Minister Harold Lovell said that the money was used to pay local creditors, some of which government had owed for several years.A comprehensive restructuring of the public debt with both those businesses, as well as external creditors, is a major pillar of the government’s Fiscal Consolidation Programme which forms the basis for the IMF agreement.”The domestic debt restructuring is proceeding smoothly, and the authorities are looking forward to reaching a comprehensive agreement on external debt in scheduled negotiations with official creditors in the coming days,” Samuel said.He was referring to Finance and Economy Minister Harold Lovell’s trip to France to meet with the Paris Club of creditors to negotiate better terms for Antigua and Barbuda’s outstanding debt, including a moratorium on interest.In its statement on its Antigua and Barbuda review, the staff mission noted that a weaker-than-expected macroeconomic environment, along with delayed implementation of programmed tax measures, had constrained revenue growth for the government. But it said that, to offset that, the authorities succeeded in restraining expenditure growth.The IMF team said that, overall, the country’s structural reform agenda was progressing significantly. It said several key structural benchmarks have been achieved, including: the implementation of the regulations for the Finance Administration Act; the initiation of civil service reform through the World Bank supported public sector transformation programme; and the amendment of legislation to help combat money laundering.

AN International Monetary Fund (IMF) mission to Antigua and Barbuda says the country should get another tranche of money after successfully passing its first review since the approval of a US$117.8-million Stand-By Agreement (SBA) in June.

The team was in the twin-island nation from September 1-9 and has issued a statement delivering the good news for the cash-strapped administration.

“All end-June quantitative performance targets were met,” head of the staff mission Wendell Samuel said.

“Based on the performance of the economic programme and planned actions going forward, the mission will recommend that the IMF executive board complete the first review of the SBA, resulting in the disbursement of US$5.1 million.”

The board is expected to discuss the matter toward the end of this month.

Antigua and Barbuda received the first tranche of money — US$24.5 million — in July but the government continued to struggle, unable to pay public sector workers on time. Finance and Economy Minister Harold Lovell said that the money was used to pay local creditors, some of which government had owed for several years.

A comprehensive restructuring of the public debt with both those businesses, as well as external creditors, is a major pillar of the government’s Fiscal Consolidation Programme which forms the basis for the IMF agreement.

“The domestic debt restructuring is proceeding smoothly, and the authorities are looking forward to reaching a comprehensive agreement on external debt in scheduled negotiations with official creditors in the coming days,” Samuel said.

He was referring to Finance and Economy Minister Harold Lovell’s trip to France to meet with the Paris Club of creditors to negotiate better terms for Antigua and Barbuda’s outstanding debt, including a moratorium on interest.

In its statement on its Antigua and Barbuda review, the staff mission noted that a weaker-than-expected macroeconomic environment, along with delayed implementation of programmed tax measures, had constrained revenue growth for the government. But it said that, to offset that, the authorities succeeded in restraining expenditure growth.

The IMF team said that, overall, the country’s structural reform agenda was progressing significantly. It said several key structural benchmarks have been achieved, including: the implementation of the regulations for the Finance Administration Act; the initiation of civil service reform through the World Bank supported public sector transformation programme; and the amendment of legislation to help combat money laundering.