IMF Completes Second Review Under SBA with St. Kitts and Nevis

IMF Base in Washington

Basseterre, St. Kitts, July 25th 2012 (CUOPM) – The Washington-based International Monetary Fund (IMF) said Tuesday its Executive Board has completed the second review of St. Kitts and Nevis’ economic performance under a programme supported by a 36-month Stand-by Arrangement (SBA).

In a statement, the IMF said the completion of the review allows the immediate disbursement of an amount equivalent to about US$4.83 million bringing total disbursements to about US$56.21 million.

The Executive Board said it has also approved a request for waivers of applicability for three end-March 2012 performance criteria. These waivers were necessary because the Executive Board meeting was scheduled to take place after end-March but before the data for the overall balance of the central government, the central government budget expenditure arrears, and the stock of short-term external debt becomes available.

The SBA was approved on July 27, 2011for an amount equivalent to about US$80.25 million.