UPP Administration’s IMF arrangement was far better than Browne Administration’s high-interest loans, Lovell says

As misinformation about the country’s relationship with the International Monetary Fund (IMF) continues to be spread by the Antigua Labour Party, the United Progressive Party (UPP), once again, is correcting the lies ahead of another general election.

Prime Minister Gaston Browne has said that Antigua and Barbuda had defaulted on its standby arrangement with the international lending agency and that his administration had saved the country by paying off the loan,

However, UPP Political Leader Harold has constantly countered that only one payment was overdue – by agreement and by a matter of days – since the 2014 elections were then imminent.

Further, he says the UPP Administration was very transparent with its dealings with the IMF.

Now, Lovell points out that the IMF loan was a far better financial arrangement than the loan agreements the Browne Administration has signed – with interest rates that are all significantly higher than the just-over 1% for the IMF arrangement. 

The UPP Leader also notes that the IMF loan did not cause any financial fallout locally and that not a single public servant was laid off during the repayment period, as had been predicted by the Antigua Labour Party.