Paris Club gives Antigua positive review

ST. JOHN’S, Antigua, Thursday June 30, 2011 – The Paris Club has advised international private sector institutions that Antigua and Barbuda has turned a corner and begun to service its debt obligations. 

News of this comes from Rafael Molina of Newstate Partners, who attended the Club’s annual meeting with private sector representatives of the international financial community earlier this month. 

Newstate Partners has been assisting the Debt Unit in the Ministry of Finance to implement the Government’s debt strategy, which includes restructuring negotiations to place the public sector debt position on a sustainable footing.

Molina said the meeting reviewed the agreement concluded in September 2010, to restructure over US$118 million of the Government of Antigua and Barbuda’s obligations to Paris Club creditors – an informal group of financial officials from 19 of some of the world’s biggest economies, which provides financial services such as debt restructuring, debt relief, and debt cancellation to indebted countries and their creditors.

He said the feedback from the Club during discussions on Antigua and Barbuda was positive.

“During the discussion, reference was made on the impressive efforts undertaken by the Government to implement far reaching fiscal consolidation measures and meet its financial obligations, despite the continued challenging global economic situation,” a statement from the Antigua and Barbuda Government said.

Coverage of the Government’s progress during these types of international forums, forms part of efforts to rebuild the country’s credit standing and to raise Antigua and Barbuda’s profile among the international financial community.

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