Facing devastation difficult to overstate, Hurricane Irma-battered Barbuda lost more than 90 percent of its structures in a record-breaking storm that will require an estimated $150 million in reconstruction and recovery.
It also has to repay a $3 million debt to the International Monetary Fund, whose special representative to the United Nations Christopher Lane resisted the idea of a moratorium on Friday.
Our general view is that wed rather put new money in than to have moratoria, Lane said. We borrow money from our members who lend. So wed have to get agreement from the lending parties.
A single sovereign state formed by two separate Caribbean islands, Antigua and Barbuda emerged from Irmas wrath with dramatically d…
Read the full article at: https://www.mintpressnews.com/imf-refuses-debt-relief-hurricane-devastated-barbuda/231775/
