Tuesday 6th March, 2018 – Antigua and Barbuda’s debt to the International Monetary Fund (IMF) will be further reduced with an 8 million dollar payment on Wednesday.
The amount was confirmed by Chief of Staff in the Office of the Prime Minister, Ambassador Lionel ‘Max’ Hurst, who said the payment is due on March 7th and all is in place for the transaction to be completed on Wednesday.
This brings the government one step closer to wiping off its debt with the international lending organization, with a
balance of approximately 10 million US Dollars outstanding.
Prime Minister Gaston Browne has signaled that the 119 million dollar debt will be retired by June, 2018.
The multimillion-dollar loan was approved following the 2010 global economic crisis by the Baldwin Spencer led administration.
The purpose of the loan was to recover and support the government which was suffering under crippling debt and slow economic growth.