The adverse effects of the global financial crisis in 2008 resulted in a sharp contraction of Anguilla’s Gross Domestic Product (GDP) and a significant deterioration in public finances. In view of the threat that was posed to Anguilla’s ability to meet its debt obligations, support its fiscal adjustment programme, shore up deteriorating public finances and stave off of a rapid build-up in short-term debt, the United Kingdom Government (UKG) approved Anguilla’s decision to approach the Caribbean Development Bank (CDB) to request a Policy-Based Loan (PBL) to support its fiscal adjustment programme and to restructure its debt portfolio.