Antigua and Barbuda has reached a new debt agreement with France, re-setting interest rates and the payment period.
Signed on April 21 by Antigua and Barbuda's Finance and Economy Minister Harold Lovell, and by France's Ambassador to the Organisation of Eastern Caribbean States, Michel Prom, the agreement reschedules a 25 year old debt owed to France.
Under the new arrangements, Antigua and Barbuda will repay the USD34m debt over a period of 15 years, with a fixed interest rate of 3.1%.
The Antigua and Barbuda government has also announced its impending signature on similar bilateral agreements with Brazil and Japan.
Antigua and Barbuda's debt situation is severe. According to CIA estimates, national debt reached 130% of gross domestic product at the end of 2010, despite efforts made by the government to reduce such levels in previous years.
.Tags: law | offshore | agreements | Antigua and Barbuda | Brazil | France | Japan | interest
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