Fri | Jan 18, 2019

IMF defends policies as Antiguan PM launches scathing attack

Published:Wednesday | August 20, 2014 | 2:43 PM

A senior official of the International Monetary Fund (IMF) defended its policies towards Antigua and Barbuda after the island’s new government launched a scathing attack on the Washington-based financial institution.

IMF Deputy Director of the Western Hemisphere Department Adrienne Cheasty was forced to abandon her prepared speech as she responded to remarks by Prime Minister Gaston Browne that the IMF was responsible for the economic situation now facing the island.

She said that the IMF programme had helped avert a financial crisis in Antigua and Barbuda.

Howevr, Prime Minister Gaston Browne, whose Antigua and Barbuda Labour Party (ALP) came to power in the June 12 general election, said the programme failed to improve economic situation and is partly to blame for stagnating the economy.

He said the IMF had damaged the investment climate and slowed the inflow of foreign direct investment and that the lending agency had worsened the cash crisis that it was meant to solve.

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Jamaica Gleaner