IMF Pleased With Growing Economy
Basseterre, St. Kitts – Nevis
February 06, 2015 (CUOPM)
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.
“St. Kitts and Nevis repaid, ahead of schedule, SDR 2.8 million (about US$3.9 million) obligations to the IMF on January 29, 2015. This is the third early repayment by St. Kitts and Nevis of the SDR 47.4 million (about US$73.1 million) borrowed under its Stand-By Arrangement approved by the IMF Executive Board in July 2011,” the IMF said.
The IMF disclosed that the first early repayment was made on June 24, 2014, for SDR 11.1 million (about US$17.1 million) (see Press Release No.14/313), while the second early repayment was made on October 30, 2014 for SDR 2.8 million (about 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 SDR 30.7 million (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.
The outstanding balance is projected to be repaid over 2015-2018.