IMF Executive Director Checks Progress Of Antigua & Barbuda’s Fiscal Reforms

by Amanda Banks, Tax-News.com, London

02 February 2005

The International Monetary Fund Executive Director for Antigua and Barbuda, Mr Kevin Lynch, last week paid a courtesy call to senior government officials, including Finance and Economy minister Dr Errol Cort, the jurisdiction's authorities have revealed.

In a meeting lasting just over one hour, discussions focused on the Government’s progress in a number of areas, including institutional strengthening, taxation and debt management.

According to the Antiguan government, Mr. Lynch was “very positive” regarding the steps that have been taken on these issues, which included the plans outlined in Budget 2005.

The Executive Director and former Deputy Finance Minister in the Canadian government, pledged to use his influence to help Antigua & Barbuda secure the support necessary to ensure that the country is successful in its effort to overcome its current economic and fiscal challenges.

Also attending the meeting was Mr. David O. Robinson, team leader of the IMF’s last Article IV mission to Antigua and Barbuda in September 2004, who also expressed satisfaction with the government’s progress and praised its policy of openness and transparency in financial matters.

Last year's IMF report on Antigua & Barbuda suggested that years of fiscal mismanagement had led to a very large build-up of public debt, close to EC$3 billion (US$1.1 billion), equivalent to 135% of GDP at the end of 2003.

The Fund urged the government to embark on a “bold and comprehensive” strategy in order to put its fiscal house back in order.

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