Antigua Gets IMF Stand-By

The IMF says it has approved a $117.8m 3-year stand-by arrangement for Antigua & Barbuda to support efforts to restore fiscal and debt sustainability. Of the total, which is equivalent to 600% of the country’s quota, $24.5m is available for immediate disbursement. The bank says Antigua and Barbuda’s tourism-dependent economy has been severely impacted by global financial crisis. Declining tourism and FDI-related construction activities have triggered the worst recession in decades, contributing to a sharp decline in government revenue.