IMF says St. Kitts and Nevis makes third repayment ahead of schedule

(ZIZ News) — The Washington-Based International Monetary Fund (IMF) said the federation of St. Kitts and Nevis has made a third payment ahead of schedule, reflecting an improvement in the country’s economy.

The IMF is quoted in a release from the communications unit of the office of the Prime Minister as saying “St. Kitts and Nevis repaid, ahead of schedule, approximately US$3.9 million obligations to the IMF on January 29th, 2015. This is the third early repayment by St. Kitts and Nevis of the US$73.1 million borrowed under its stand-by arrangement approved by the IMF Executive Board in July 2011.”

The IMF disclosed that the first early repayment was made on June 24th, 2014, for approximately US$17.1 million while the second early repayment was made on October 30th, 2014 for approximately US$4.1 million.

“These early repayments reflect the improvement in the country’s macroeconomic situation,” the IMF said.

The International Financial Institution disclosed that the third repayment covers a portion of the obligations falling due in the second half of 2015.

“It reduces the outstanding obligations of St. Kitts and Nevis to the IMF to about US$43.4 million or about 345.5 percent of quota from 376.7 percent, and further lowers its debt to GDP ratio by about half a percent of GDP to about 80 percent,” the IMF said.