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Minister Lovell Meets with IMF Officials, Creditors in Istanbul
by A & B Government News
Posted: Oct 7, 2009 21:03 UTC
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ST. JOHN'S, Antigua - Minister of Finance, the Economy and Public Administration, Honourable Harold Lovell, has been attending the IMF/World Bank annual meetings in Istanbul, Turkey.
On Sunday 4th October, Minister Lovell and his team participated in the annual Small States Forum, which focused on the impact on small economies of remittance flows. The delegation also met with representatives from the Kuwait Fund for Arab Economic Development to discuss Antigua and Barbuda's outstanding debt to this creditor. Among the issues addressed at this bilateral meeting was a proposal for the liquidation of the outstanding arrears owed to the Kuwait Fund for a number of credit facilities. The Kuwaiti delegation pointed out that once Antigua and Barbuda moves to resolve the arrears and to regularize its debts, consideration could be given to financing new projects in Antigua and Barbuda.
On Monday 5th October, Antigua and Barbuda joined its Caribbean counterparts in a breakfast meeting with the First Deputy Managing Director of the International Monetary Fund, Mr. John Lipsky. During this meeting, the Caribbean representatives raised a number of issues that are of concern to the region, particularly as the countries seek to cope with the fallout from the global economic crisis. The participants emphasized the peculiar challenges being faced by small island middle-income countries as they pursue fiscal and debt sustainability. Further, the representatives of the Caribbean region stressed the need for better representation and participation of small, developing countries in key meetings and fora such as the G20, where decisions that can significantly impact these small economies are frequently made.
Also on Monday, Minister Lovell and his delegation met with the Deputy Managing Director, the Director of the Western Hemisphere Department, and other senior management and officials from the IMF. The focus of discussions during this meeting was the impact of the global economic crisis on Antigua and Barbuda and the efforts to be undertaken by the Government to improve the fiscal and economic environment. Minister Lovell presented a summary of the Government's fiscal consolidation programme as well as the other elements of the National Economic and Social Transformation (NEST) Plan. He indicated that the decision to engage with the IMF was based on the Government's desire to realize fiscal and debt sustainability as well as to access resources to promote social protection and economic growth. It was agreed that the debt situation that has plagued Antigua and Barbuda has adversely affected the country's credibility and its ability to access financing. As such, the success of the fiscal consolidation programme and the overall NEST plan will depend in large part on whether Antigua and Barbuda takes the necessary action to once and for all resolve its debt problems. The IMF representatives expressed their continued support for Antigua and Barbuda and their willingness to assist the Government to achieve its objective of attaining economic and social transformation. The Government and the IMF will commence discussions in earnest on the type of assistance that the Fund can provide when the IMF mission visits Antigua during the week of October 12th to complete the Article Four consultations.
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