BASSETERRE, ST. KITTS, JULY 26TH 2013 (CUOPM) – The St. Kitts and Nevis authorities have continued the successful implementation of the International Monetary Fund (IMF) – supported programme and has made “progress toward achieving fiscal objectives and debt restructuring.”
In a statement Thursday, the Executive Board of the International Monetary Fund (IMF) said it has completed the fifth and sixth reviews of St. Kitts and Nevis’ economic performance under a programme supported by a 36-month Stand-by Arrangement (SBA).
It added that the completion of the reviews allows the immediate disbursement of an amount equivalent to SDR 4.266 million (about US$6.45 million), bringing total disbursements under the arrangement to SDR 47.37 million (about US$71.58 million).
The IMF said that in completing the reviews, the Executive Board approved waivers of applicability for the end-June 2013 performance criteria, waiver of non-observance of the continuous performance criterion on the ceiling of external arrears accumulated on debt contracted or guaranteed by the central government, and rephrased disbursements under the SBA.
“The Executive Board also approved waivers for non-observance of the continuous performance criterion on the ceiling of external arrears accumulated on debt contracted or guaranteed by the central government following minor data revisions after the completion of each of the first, second, third, and fourth reviews under the SBA,” it said.