Antigua gets $33M from EU to assist with global financial crisis

The Antiguan national flag

The European Union has approved 9 million euros grant (EC$33.6M) for Antigua and Barbuda under the EU’s vulnerability assistance scheme to help African, Caribbean and Pacific (ACP) countries deal with the affects of the global financial crisis.

“The provision of this financial assistance in the form of grants is proof that the EU is delivering on its promises and is supporting its partners at critical times of need,” said Valeriano Diaz, Head of the EU Delegation to Barbados and the Eastern Caribbean.

Antigua and Barbuda is the third Eastern Caribbean country to benefit from financial assistance under the mechanism – the other two being Grenada and Dominica. The vulnerability assistance package will enable the government to reduce its fiscal financing gab by 52 percent in 2010, in order to maintain priority expenditures, especially social spending. The objective of the budget support is to contribute to macroeconomic stability and to support the implementation of the home-grown National Economic and Social Transformation (NEST) strategy and government’s macroeconomic policies.

Approval of the vulnerability assistance package to Antigua and Barbuda is in addition to other EU assistance such as the Public Finance Management Reform Programme (EUR 3.0 million) and Support to Non-State Actors under the 10th European Development Fund.

The Vulnerability instrument is based on forecasts of fiscal losses and other vulnerability criteria. It provides rapid and targeted grants and is acting as a complement to the loan-based assistance of other development institutions, with whose support it was developed.

The economy of Antigua and Barbuda was among the worst hit among the Eastern Caribbean countries in 2009, undergoing a contraction of real GDP of 7.0 percent. In addition its tourism-dependent economy has been severely impacted. Falling tourism and Foreign Direct Investment-related construction activities have triggered the worst recession in decades and contributed to a sharp decline in government revenue.

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10 Comments

  1. Tedash
    November 24, 2010

    Retribution
    Even the bad times in Antigua is better than the good times in dominica ( economically that is) . I prefer my salary two to 3 days late, than to be poorly remunerated and burden by extremely high prices.

  2. BossLa
    November 24, 2010

    @“Retribution”?:

    Pay people like that no mind. They have nothing better to do but show their ignorance..

  3. BossLa
    November 24, 2010

    @zengleden:

    We’ve already received assistance under that EU program. Haven’t you read the article? I swear some people have no comprehension skills.

  4. mouth of the south
    November 24, 2010

    @hmmm: well maybe ‘no more of that 4 d.a’ is a blessing in disguise we will learn to work hard instead of being professional beggars

  5. lol
    November 24, 2010

    @zengleden: Hahaha, with that famous letter in their hands? Hahaha.
    Boy DA has too much kicks.

  6. retribution
    November 23, 2010

    @“Retribution”?: Exactly my point! We can not look after our brothers so we have to beg the EU so our salaries can be paid on time. Wishing Antigua all the best. God forbid, we could have found ourselves in the same trouble.

  7. zengleden
    November 23, 2010

    Hoping to hear Dominica get an 80 million from EU asap. One is of the view dat the EU starting with the country begining with A- so u have Antigua -ADem obviously we next in line! So the EU will surely help us out with some big money to build a National Library, A multi purpose sports complex in Roseau and Indeed the roads all over Dominica will be fixed – before the end of the year – EU wlll give Da a santa gift!!

  8. "Retribution"?
    November 23, 2010

    “Retribution”? talk about one caribbean and being brother’s keeper. I hope that is not coming from a Dominican. From since I was a child Sutherlands, Johnson’s, Potters and Cookes have been over run by Dominicans…..even calling a couple of places Rosseau. Skerritt came and told them please don’t return because Dominica was far worst off and could do nothing for them….yet you are laughing at Antigua. We will rise again and yet things are not as bad as some people paint it to be. I have been paid on time for the last 5 years.

  9. retribution
    November 23, 2010

    Where is Alan Stanford now?? On your knees Antiguans and say”thank you” to the European tax payers!.

  10. hmmm
    November 23, 2010

    Ha ha ha. No more of that for DA. Hats off to Mr. B. lololol.

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