The Washington-based International Monetary Fund (IMF) said on 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 SDR 3.161 million (about US$4.83 million), bringing total disbursements under the arrangement to SDR 36.781 million (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, 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.
