IMF Concludes Review Mission to Antigua-Barbuda
An International Monetary Fund (IMF) mission led by Geoffrey Bannister visited Antigua and Barbuda during November 5–9, to undertake the eighth review of the program under a stand-by arrangement (SBA) approved by the Fund’s executive board on June 7, 2010.
The mission held meetings with Minister of Finance Harold Lovell, senior officials of the Ministry of Finance, members of the Task Force on the Citizenship by Investment Program, the Financial Services Regulatory Commission, representatives of statutory bodies and the local business community.
The mission also held a videoconference with the governor and key staff of the Eastern Caribbean Central Bank (ECCB).
The focus of the mission was to assess the quantitative performance at end-September 2012 under the SBA and the progress of ongoing financial and structural reforms; review progress on the resolution of Antigua and Barbuda Investment Bank (ABIB); and confirm fiscal targets for the 2013 budget.
The mission met with several state owned entities, including the Antigua Public Utilities Authority (APUA), the Antigua Port Authority, St John’s Development Corporation, and the Social Security Board.
Discussions focused on the financial situation of the statutory bodies and possible reforms, in preparation for a technical assistance mission which will visit St John’s in January, 2013 to help assess contingent liabilities for the central government from statutory bodies.