Antiguan Gov’t and IMF officials begin consultations

Plagued by a huge debt that has hugely affected its credibility and its ability to access financing, Antigua and Barbuda has commenced discussions with the International Monetary Fund (IMF) in a bid to work out an assistance package, according to a report on www.cananews.net.



A statement from the Ministry of Finance said a team from the IMF arrived Monday and several meetings were held throughout the day as both sides examined what type of assistance the Fund could provide at this time.



\"The decision to engage with the IMF was based on the government\'s desire to realise fiscal and debt sustainability as well as to access resources to promote social protection and economic growth,\" Finance Minister Harold Lovell said.



But the government\'s decision to go to the IMF has not gone down well with the main opposition Antigua Labour Party (ALP) which said it was unconvinced that an IMF package would be good for the people of this country.



Over the past weeks the ALP has twice led thousands through the streets of the capital in protest against the government\'s decision to approach the IMF for assistance.



The administration in St. John\'s has responded saying the ALP played a part in putting the country into its current debt situation.



Prime Minister Baldwin Spencer has pointed to the existing EC$3.1 billion (US$1.14 billion) debt, saying more than half represents arrears racked up by the now opposition.



The talks between the government and the IMF are scheduled to continue throughout the week.