Caribbean Development Bank
The Caribbean Development Bank (CDB) has approved a US $30 million dollar loan to Antigua & Barbuda.
The money will help the country implement its fiscal consolidation programme, for which it is also seeking financial assistance from the International Monetary Fund.
Finance Minister Harold Lovell made the disclosure as he wrapped up debate on the 2010 budgetary estimates in the House of Representatives yesterday.
“I am pleased to say that just yesterday (Thursday) the Board of the Caribbean Development Bank approved the US $30 million policy-based loan to Antigua & Barbuda, to assist us with the implementation of our fiscal consolidation programme,” he announced.
Lovell explained that “the basis on which they (the CDB) approved that loan was the same consolidation programme that we took around the country with the live-and-direct consultations; is the same programme that was outlined in the budget statement; is the same program that was put to the International Monetary Fund.
“That is the programme that we put to the Caribbean Development Bank.”
He added, “We are showing them that we are going to be serious, we are going to be disciplined.”
It is the second time this year that a multi-million dollar loan has been extended to Antigua & Barbuda.
In mid-August, as the nation staggered under its high debt burden and fiscal deficit, Venezuela provided US $50 million in immediate support.
The terms for the part loan, part grant facility, were announced during the budget presentation.
Antigua is required to pay interest at 2.6 per cent over 20 years with a four-year payment holiday.
Depending on the fiscal strategies we implement to put our house in order, financial institutions will look favorably on us. Senator Weston, the old “muddle” of trust and don’t pay because we are owed “reparation” by our former slave masters, is pure buffoonery. The ALP is finding out that “it is easy to dodge our responsibilities but we cannot dodge the consequences of dodging them”
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“He added, “We are showing them that we are going to be serious, we are going to be disciplined.””
No, you’re TELLING them. It’s only after you’ve actually done it that you can say you’ve “shown” them.
Big difference.
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The goverment of Antigua is a “dogshoes” of Chavez. The people of Antigua, must be more free. Deth at Chavez, Freddom for Antigua. Barbuda not is a place of Antigua.
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