IMF approves Stand by loan for Antigua
Published:Wednesday | June 9, 2010 | 9:15 AM
The International Monetary Fund (IMF) formally announced the approval of a US$117.8 million US stand by loan to Antigua and Barbuda.
The IMF says a decline in the tourism and foreign-exchange sectors has contributed to the financial challenges being experienced in the country.
Some $24.5 million will be provided immediately under the arrangement.
Antigua and Barbuda is the third Caribbean nation to receive IMF conditional financing over the past year.