Antigua reaches IMF deal

The Government of Antigua and Barbuda has reached an agreement in principle with the International Monetary Fund (IMF) for US$124 million in a stand by arrangement.



The finance and economy minister, Harold Lovell, says the money will be disbursed quarterly over a three-year period.



He also says the agreement will help the country to meet its fiscal targets and benchmarks.



Among the targets are achieving a balanced budget, strengthening the capacity in the Inland Revenue and customs departments, increasing revenue and starting work on public sector and pension reforms.



The IMF has reported that a letter of intent has been drafted and is to go to its board by May.