The additional funds come after the completion of a recent review of the government’s performance under an austerity initiative that is supported by the international financial body. This was the second review since the program started last year.
According to a government release, quoting the IMF, the Executive Board, (IMF), 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, 2011 for an amount equivalent to SDR 52.51 million (about US$80.25 million), or 590 percent of St. Kitts and Nevis’ IMF quota.
To date, St. Kitts and Nevis has received about US$56.21 million.
According to the IMF, as quoted by a government release, “The authorities are to be commended for the strong implementation of their home-grown, Fund –supported programme. Notwithstanding an adverse global setting, the fiscal target was met by a comfortable margin, and the authorities’ structural reforms progressed as planned,” said Mr. Naoyuki Shinohara, Deputy Managing Director and Acting Chair of the Washington-based financial institution following the Executive Board’s discussion.