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- Antigua and Barbuda will seek support from the International Monetary
Fund (IMF) after agreeing the outlines of a fiscal consolidation
program, the government of the twin-island Caribbean state said on
Friday.
Like other small Caribbean economies, the nation of
around 85,000 people has been feeling the impact of the global economic
downturn, which has reduced tourism revenues and financial remittances
across the region.
The country has also suffered financial
losses and job layoffs as a result of the fraud scandal surrounding
Texas financier Allen Stanford, who is accused by U.S. prosecutors of
using his bank on Antigua and Barbuda to orchestrate an alleged $7
billion Ponzi scheme. Stanford denies the charges and is awaiting trial
in the United States.
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