St. Kitts and Nevis has made Caribbean history, paying back a huge portion of its loan from the International Monetary Fund, IMF, ahead of schedule.
The IMF yesterday said the country repaid, ahead of schedule, 17-point-1 million dollars in obligations to the Washington-based financial institution.
The IMF says the payment made on June 24, is about one fourth of the approximately 73-million dollars that St. Kitts and Nevis borrowed from the IMF under its Stand-By Arrangement.
It says this is the first time that a payment of this magnitude has been repaid early to the Fund by a Caribbean nation.
The amounts repaid early are obligations due in 2014 and 2015 under the original repayment schedule.
The IMF added that the twin-island federation borrowed less than the total amount approved under the three-year arrangement, equivalent to 84-million dollars.
This, as the authorities began to treat the arrangement as precautionary in March this year, during the combined seventh and eighth review.
The IMF says the Denzil Douglas-led government should be commended for its economic achievements under the programme.
The outstanding balance is projected to be repaid during 2014 to 2018.
