{"id":169855,"date":"2023-03-02T13:01:34","date_gmt":"2023-03-02T17:01:34","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=169855"},"modified":"2023-03-02T13:01:34","modified_gmt":"2023-03-02T17:01:34","slug":"2023-budget-statement-by-prime-minister-the-hon-gaston-browne","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/2023-budget-statement-by-prime-minister-the-hon-gaston-browne\/","title":{"rendered":"2023 Budget Statement by Prime Minister the Hon. Gaston Browne"},"content":{"rendered":"
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Mr. Speaker
\nI rise to deliver to this Honourable House, my government\u2019s Budget
\nStatement in which I will outline how State revenues will be attained, and
\nhow they will be applied during this financial year, in the socio-economic
\ninterest of the people of our country.<\/p>

\"\"<\/div>\n

This year, our government\u2019s Budget is presented under the theme:
\n\u201cReset, Recover, Revitalise\u201d
\nThe focus of this Budget will be to reset our approach as a nation, so as
\nto recover from the adverse, lingering economic impact of the COVID-19
\npandemic and the pressing global consequences of the Russian war on
\nUkraine.<\/p>\n

Our objective is to fully revitalise our economy for the benefit of all.
\nMr. Speaker, as will clearly be seen, from the facts that this Statement
\nwill show; as a nation we have every reason to be optimistic about our
\nfuture.
\nMonths ago, our administration started the process of resetting our
\neconomy, to recover its dynamism and to revitalise its potential.
\nOur efforts were slowed, but not halted, by the vigorous campaign which
\nculminated in the general elections that were held peacefully on January
\n18th.<\/p>

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\"\"<\/div>\n

Now, with a fresh mandate, in an open and democratic process, my
\ngovernment will accelerate the programmes and projects upon which it
\nhad already embarked, and which have already redounded to the benefit
\nof our economy in almost every sector.<\/p>

\"\"<\/a><\/div>\n

I take this opportunity, Mr. Speaker, to recognise the increased
\nrepresentation of members of the opposition in this Honorable House.
\nThey are here because of respect for the rule of law, for democratic
\nprinciples and for free and fair elections, to which my government was \u2013
\nand remains – fully committed.<\/p>\n

I expect that they will all play a constructive role in this House, to
\nadvance the collective interest of a country that we all love, and a people
\nwhose interests we are all sworn to serve.<\/p>

\"\"<\/a><\/div>\n

Global and Regional Economic Performance
\nMr. Speaker, why do I assert, that, despite the average decline in the
\nglobal and regional economies, Antigua and Barbuda has every reason
\nto be optimistic?
\nA tour of the landscape will illustrate my argument.
\nForecasts for 2023 indicate that the rate of growth of the global economy
\nwill decline further to 2.9 per cent.
\nSimilarly, economic growth in the Latin America and Caribbean region is
\nexpected to decline to 1.8 per cent this year, a fall from 3.9 per cent last
\nyear.<\/p>\n

The economy of the United States of America \u2013 our largest trading
\npartner \u2013 is forecast to grow by just 1.4 per cent, and the United
\nKingdom\u2019s economy will shrink by 0.6 per cent.
\nBy comparison, the Eastern Caribbean Central Bank has forecast that
\nAntigua and Barbuda experienced an impressive 8.5 per cent rate of
\ngrowth in 2022, and has projected a whopping 9.4 percent growth in real
\nGDP for 2023.<\/p>

\"\"<\/a><\/div>\n

This means, Mr. Speaker, that our average rate of growth for the three-
\nyear period, since the severe blows we received from the COVID-19
\npandemic, will be an unprecedented 8.2 per cent per annum.
\nThis performance was achieved notwithstanding the closure of Jolly
\nBeach, Halcyon and Sugar Ridge hotels for most of this three-year
\nperiod.<\/p>

\"\"<\/a><\/div>\n

By any objective measurement, this is a remarkable achievement that
\ndistinguishes the effective management of our economy and that is
\ncause for national pride, national satisfaction, and national praise.
\nIt demonstrates that the ABLP administration has already significantly
\nprogressed our economy along the road of resetting, recovering, and
\nrevitalising.<\/p>\n

We did not waste time, nor did we spare energy.<\/p>\n

And we are geared to strengthening, accelerating, and intensifying our
\nefforts over this financial year for the good of all.<\/p>\n

More Employment, More Savings and Greater Economic Security
\nMr. Speaker, the real and tangible gains and benefits of our economic
\ngrowth to the people of Antigua and Barbuda, and to every sector of the
\nsociety, are readily seen in the increase in employment, the growth in
\nsavings in the banks, and the enlarged investment by the private sector.
\nIn 2022, more than 900 employed or self-employed persons were added
\nto the list of registered workers who are contributing to the Social
\nSecurity Scheme.<\/p>\n

This is clear evidence that employment is increasing.
\nEqually compelling, is that private sector savings in our banks grew from
\n$1.97 billion in 2021 to $2.1 billion in 2022.
\nThis significant increase was due to an expansion of $145 million in
\nhousehold savings; showing beyond any shred of doubt that greater
\nincome flowed to our people.<\/p>\n

They have greater disposable income, and they have chosen to save a
\nportion of it.<\/p>\n

This is also an indication, Mr. Speaker, that while aspects of the cost-of-
\nliving have increased, a large number of households were sufficiently
\naided by our government\u2019s policies that empowered them to save.
\nIt is also important to note that at the end of November 2022, money
\naggregates amounted to $4.2 billion.<\/p>\n

This represented a $230 million increase over the same period in 2021;
\npointing to recovery of the services sector and greater output and
\nearnings from the production of goods.
\nA major contributor to the expanded money supply is a 25 per cent
\nupswing in foreign currency deposits from $511 million in November
\n2021 to $639 million in 2022.
\nAgain, this demonstrates the confidence that the private sector has in
\nthe policies that our government has been pursuing – and will continue to
\npromote \u2013 in tourism, construction, infrastructural development, and
\nother sectors.<\/p>\n

Mr. Speaker, our economy has returned to its pre-COVID upward
\ntrajectory of growth with the attendant creation of employment,
\nexpansion of private sector investment and reduction in poverty.
\nWhile our administration pointed the way, and set the course, this
\nsubstantial achievement was not ours alone.<\/p>\n

Much was due to the collaboration and cooperation of the private sector
\nand to the determination of the people of Antigua and Barbuda to
\ncontribute to the upward progress of our nation.
\nIt is this kind of deep and constructive collaboration that will propel us
\nfarther and quicker to the high level of development to which we all
\naspire.<\/p>\n

I thank the people of Antigua and Barbuda for seizing the vision of our
\nadministration and for their ongoing work in achieving the economic
\ngoals we collectively want.<\/p>\n

Response to the Cost-of-Living
\nMr. Speaker, while our economy was undergoing the remarkable and
\nbeneficial economic recovery that the facts confirm, global events,
\nresulting from the COVID-19 pandemic and the Russian war on Ukraine,
\nnegatively impacted inflation and the cost-of-living in Antigua and
\nBarbuda.<\/p>\n

Of particular significance is that, as a country that imports – from the
\nUnited States particularly – much of what we consume and utilise, we
\nalso imported the higher costs of production in that country.
\nIn addition to the escalation in commodity prices, the higher cost of
\nshipping, insurance, port charges and other fees, resulted in increased
\ncost-of-living for our country, and for every other country in the world
\nwithout exception.<\/p>\n

Global inflation jumped from 4.7 per cent in 2021 to 8.8 per cent in 2022
\n\u2013 the highest it has been in several decades.
\nAccording to the World Bank, by 2022, more than one hundred and
\ntwenty-five countries had experienced \u2018food price inflation\u2019 in excess of 5
\nper cent.<\/p>\n

In countries such as ours, the additional costs associated with imports
\nincreased the rate of inflation; in our case it reached 9.2 per cent at the
\nend of 2022.<\/p>\n

Mr. Speaker, that figure would have been higher had our administration
\nnot taken pre-emptive actions to cushion the impact of rising prices.
\nIn 2022, our government gave up over $50 million in revenues \u2013 all of
\nwhich was passed on to our people to protect them from the ravages
\nthat other nations have endured.<\/p>\n

Let me briefly describe the interventions that our administration made for
\nthe benefit of all our people.
\nWe maintained a wide basket of ABST-free essential goods, helping to
\nkeep down the costs to all, especially the neediest in our society.
\nWe continued the operations of social programmes, such as the Peoples
\nBenefit Programme and Government Assistance Programme, delivering
\nrelief to thousands of people.<\/p>\n

Importantly, Mr. Speaker, we significantly reduced the impact of soaring
\noil prices.
\nAlthough the average price per barrel of oil was more than 40 per cent
\nhigher in 2022 compared to 2021, we did not allow the full pass through
\nof this increase.
\nMuch of the increase in international oil prices was absorbed by the
\ngovernment through a $30 million reduction in consumption tax revenue
\ncollected.<\/p>\n

In addition to foregoing consumption tax revenue, a subsidy equivalent
\nto 25 per cent of the price of fuel at the pump was provided to bus and
\ntaxi operators and to fisherfolk.
\nAs a result, prices of seafood and public transportation were kept
\nrelatively stable.<\/p>\n

Additionally, since March 2022, nearly 120,000 fuel vouchers have been
\nprovided to taxi operators and about 85,000 vouchers to bus operators.
\nThe estimated value of the subsidy to bus and taxi operators over the
\npast twelve months is $5.7 million.<\/p>\n

Mr. Speaker, the many social programmes operated by our government
\nalso helped to cushion the impact of rising prices on the most vulnerable
\nin society.
\nThousands of families and households accessed relief through food
\nvoucher initiatives, the Senior Citizens Utility Subsidy Programme, and
\nthe School Meals and School Uniform programmes.
\nAdditionally, many citizens and residents enjoyed the pandemic and
\nChristmas barrel initiatives, where nearly 40,000 barrels were cleared
\nover the past three years.<\/p>\n

Mr. Speaker, a conservative estimate of the value of assistance provided
\nthrough social programmes and relief measures since the start of the
\npandemic is $130 million.
\nThe beneficiaries of these resources included the elderly, disabled,
\neconomically disadvantaged, orphaned, single parent, and other
\nvulnerable groups who were really in need.<\/p>\n

We are honoured that, as the government, we were able to provide for
\nour people in such a substantial way, that they fared better than other
\npopulations in Latin America and the Caribbean, and even in European
\ncountries that have far greater financial and other resources than we do.<\/p>\n

At the international level, we will continue to work with our partners to
\npromote an end to the Russian war on Ukraine, and the restoration of
\nglobal peace that will undoubtedly normalize supply and demand, and
\nreduce prices.<\/p>\n

While the war continues, perpetuating the disruptions, the high costs and
\nshortages that we suffer; our administration pledges to continue strategic
\ninterventions to keep down costs to all our people, by maintaining the
\nprogrammes we now have in place, and introducing new ones as
\nnecessary.
\nMr. Speaker, our record is clear for all to see.
\nOurs is a caring government \u2013 in deeds, in actions, and certainly in
\nbenefits.<\/p>\n

Fiscal Performance<\/p>\n

Mr. Speaker, I am pleased to report that preliminary data for the end of
\n2022 show continued improvement in our fiscal balances following the
\ndeterioration caused by the pandemic in 2020.
\nAfter widening to 6.4 per cent of GDP in 2020, the overall fiscal deficit
\nnarrowed to 4.5 per cent in 2021.<\/p>\n

Similarly, the primary deficit, which was 3.8 per cent of GDP in 2020,
\nwas contained at 2 per cent of GDP in 2021.
\nIn 2022, the fiscal position was further improved.
\nThe overall deficit narrowed to 3.6 per cent and the primary deficit to 1
\nper cent of GDP.
\nThis fiscal outcome resulted from stronger revenue performance in
\n2022, due to our government\u2019s policies, particularly in tourism
\nconstruction and housing.<\/p>\n

Tourism<\/p>\n

I mention particularly, Mr. Speaker the following:
\nWhen the final figures are compiled for 2022, Tourism is expected to
\nhave grown by 56.4 per cent and construction by 20 per cent.
\nThe resurgence in tourism was led by a 56 per cent increase in stay-
\nover arrivals to over 265,000 visitors compared to just under 170,000 in
\n2021.<\/p>\n

Had it not been for the closure of three hotel properties, we would have
\nsurpassed 2019 arrivals.
\nThe cruise industry rebounded significantly after the pandemic related
\nshutdown in 2020.
\nIn 2022, Antigua and Barbuda welcomed more than 377,000 cruise
\npassengers.
\nThis is more than four times the number of cruise passengers recorded
\nin 2021.<\/p>\n

Yachting Industry<\/p>\n

Mr. Speaker, Antigua\u2019s reputation as a key yachting centre in the world
\nis already fully established.
\nThe participation of yachts and superyachts in the various international
\nregattas, including the RORC 600 and the annual \u201cSailing Week\u201d event,
\nis compelling evidence of Antigua\u2019s leading position in global yachting.
\nThe RORC 600, held last month, is a major event on the International
\nYachting Calendar.<\/p>\n

This year, it was once again a resounding success with over 70 of the
\nworld\u2019s top racing yachts participating.
\nThe recent construction of a 535-foot superyacht dock at Falmouth
\nHarbour Marina – a fully locally owned company – and its immediate
\nutilisation by superyachts, show the confidence of the international
\nyachting community in Antigua as a safe harbour, and in the quality of
\nskills of Antiguan and Barbudan workers.<\/p>\n

The owners invested $5.5 million in the Falmouth Harbour Marina
\nproject and received generous concessions from the government.
\nWe are already seeing the benefits with this current yachting season
\nbeing a bumper one to date and creating more jobs for our people.<\/p>\n

It is anticipated that our local marinas will sell in the region of $15 million
\nworth of fuel to the yachts over this season from which the government
\nand country will benefit.<\/p>\n

Construction<\/p>\n

Construction sector activity was buoyed by several private and public
\nsector projects including ongoing work on the Peace Love and
\nHappiness (PLH) luxury development on Barbuda; work on residential
\nand commercial properties island wide; and major roadworks and
\nexpansion of utilities infrastructure.<\/p>\n

In terms of public sector driven residential construction, more than 130
\nhomes were built on Antigua and Barbuda in 2022.
\nMost of these homes are part of projects organized and implemented by
\nNational Housing and Urban Renewal Company and the Central
\nHousing and Planning Authority.<\/p>\n

 <\/p>\n

Tax Revenues
\nMr. Speaker, at $912.5 million, total revenue and grants was 12 per cent
\nhigher in 2022 than in 2021 and is a clear indication of an uptick in
\neconomic activity.
\nTax revenue accounts for about 82 per cent of government\u2019s total
\nrevenue and amounted to $752.1 million in 2022.<\/p>\n

Revenue from taxes on property is expected to be $32.4 million in 2022,
\nwhich is $8.3 million above the amount collected in 2021.
\nAfter its implementation in the fourth quarter of 2021, the Tourism Guest
\nLevy yielded revenue of $2.2 million.
\nFor 2022, this tax is projected to generate revenue of $15.9 million.
\nImport duties yielded revenue of $109.6 million in 2022 \u2013 an 18 per cent
\nincrease over 2021.
\nThe Revenue Recovery Charge generated $91 million in 2022
\nrepresenting a 23 per cent increase over the amount collected in 2021.
\nOn the other hand, consumption duties yielded $34 million, which is 27
\nper cent less revenue than in 2021.<\/p>\n

This is because, as I indicated earlier, the government absorbed a
\nsignificant proportion of the increased cost of gas and diesel rather than
\nallowing a full pass through to consumers.
\nRevenue from the Antigua and Barbuda Sales Tax grew by 26 per cent
\nand amounted to $304.7 million in 2022, clearly showing the sizeable
\neconomic recovery that occurred last year.<\/p>\n

Non-Tax Revenues
\nMr. Speaker, there was also a marked increase in non-tax revenue from
\n$118.6 million in 2021 to $154.1 in 2022.
\nThis was due to an additional $29 million collected in dividends and
\nsurplus funds from public sector entities, including about $8 million from
\nWest Indies Oil Company.
\nSignificantly, receipts from the Citizenship by Investment programme
\naccounted for nearly 60 per cent of non-tax revenue and amounted to<\/p>\n

$88.8 million, underscoring the importance of the programme to our
\neconomy and the people of Antigua and Barbuda.
\nGiven the importance of these programmes to the sub-region, our
\ngovernment will continue to collaborate with our partners to safeguard
\nour CIP programmes to maintain fiscal and financial stability in the
\nEastern Caribbean Currency Union.<\/p>\n

Expenditure
\nOn the expenditure side, there was an $80 million increase in total
\ngovernment spending in 2022 compared to 2021; 36 per cent of which
\nwas spent on public sector workers.
\nTotal expenditure amounted to just over $1 billion in 2021 and $1.08
\nbillion in 2022.<\/p>\n

This was due to a $34 million increase in capital expenditure; $26 million
\nin additional spending on goods and services; $20 million increase in the
\ninterest obligations, as moratoria on loans expired; and $29 million
\nincrease in the amount spent on wages and salaries.<\/p>\n

These expenditures were partially offset by a $29 million reduction in
\ntransfer payments.
\nThe higher level of expenditure reflects a return to near normal
\ngovernment operations after the lockdowns and resource reallocations
\noccasioned by the pandemic in 2020 and 2021.<\/p>\n

Commitment to Public Servants<\/p>\n

It should be noted, Mr. Speaker, that the increase in spending on wages
\nand salaries from $394 million in 2021 to $423 million in 2022, is due to
\nthe implementation of salary upgrades for certain categories of public
\nsector workers, including teachers, and the contribution to backpay
\nmade to public servants in December 2022.
\nOur administration has not flinched from – or avoided – its obligations to
\npublic servants, even in the hardest of times, and in circumstances<\/p>\n

where neighbouring states have reduced the public service through
\nseverance and dismissals.
\nThat, Mr. Speaker, is the tangible measure of our determination and
\nresolve.
\nThat is the clear manifestation of the responsible and caring nature of
\nour administration.<\/p>\n

Public Sector Debt
\nMr. Speaker, the public debt stock amounted to $3.8 billion as at
\nDecember 2022, compared to $3.7 billion in 2021.
\nThe $100 million increase was due to a combination of additional
\nborrowing and the capitalisation of interest due to the moratoria granted
\nduring the pandemic.<\/p>\n

Of the $3.8 billion recorded in 2022, Central Government debt
\naccounted for $3.2 billion with the remaining $600 million representing
\ndebt of statutory corporations.
\nAfter climbing to 101.5 per cent in 2020 due to a precipitous fall in GDP
\ncaused by the pandemic, the debt to GDP ratio improved to 90.6 per
\ncent in 2021.
\nMr. Speaker, this ratio is expected to decline further in 2022 to 84.1 per
\ncent, when the final figures for the year are produced.
\nImportantly, by the end of 2023, the debt to GDP ratio should fall to an
\nestimated 77 per cent.<\/p>\n

This performance is a result of our government\u2019s resolve to boost
\neconomic growth while restricting the level of new borrowing.
\nAmid our economic recovery efforts, our government has continued to
\nregulate borrowing and is currently implementing a strategy to better
\nmanage outstanding obligations.
\nAlso, we are continuing negotiations with domestic and external
\ncreditors to refinance debts at lower interest rates, and restructure<\/p>\n

facilities that would regularise payments and ensure settlement of
\noutstanding obligations.
\nMr. Speaker, I must point out that our nation\u2019s efforts to navigate the
\nrecent global crises and secure economic recovery were aided by
\ntechnical and financial resources provided by many of our bilateral,
\nregional and multilateral partners. Strong collaboration and invaluable
\nalliances with countries like the Peoples Republic of China, the Republic
\nof Cuba, the Bolivarian Republic of Venezuela, the United States, India,
\nCanada, and the United Kingdom have served our people well.<\/p>\n

We
\ncannot exclude the Kingdom of Saudi Arabia which has granted us a
\nsizeable loan to fund the expansion of the UWI Five Islands Campus.
\nInstitutions such as the Caribbean Development Bank, CARICOM, the
\nUnited Nations, European Union, ABU Dhabi Fund for Development, the
\nCaribbean Public Health Agency, and our very own OECS Commission
\nand the ECCB are also stellar collaborators.
\nMr. Speaker, I have highlighted just a few of many noteworthy
\ndevelopments that were achieved over the past year, despite all the
\ntough challenges and difficult obstacles.<\/p>\n

The members of this Honourable House, with responsibility for the
\nvarious government portfolios, will elaborate on their stewardship in
\n2022 and provide details of the exciting initiatives that they will
\nimplement in 2023.<\/p>\n

Strategic Focus in 2023
\nMr. Speaker, I come now to the tangible evidence of why we have every
\ngood reason for optimism, concerning 2023 and beyond.
\nIn 2021 and 2022, our government orchestrated a commanding
\neconomic recovery by taking bold and decisive action to contain the
\nspread of the Coronavirus, open our economy, and return thousands of
\npeople to work, thereby safeguarding their livelihoods.<\/p>\n

Data published on the ECCB website indicate cumulative real economic
\ngrowth of 15.1 per cent between 2021 and 2022 compared to the 17.4
\nper cent contraction in real output in 2020.
\nWith the many public and private sector projects to be implemented this
\nyear, output is projected to expand by 9.4 per cent in 2023.<\/p>\n

This would bring cumulative real economic growth to over 24 per cent for
\nthe period 2021 to 2023.
\nIn nominal terms, GDP is projected to climb to $5.4 billion in 2023 after
\nfalling to $3.8 billion in 2020. This represents a spectacular increase of
\n$1.6 billion, or 55 percent of the average ECCU economy.
\nSimply put, our government acted astutely to ensure that Antigua and
\nBarbuda not only recovered to pre-pandemic GDP levels, but will also
\nsurpass them.<\/p>\n

There can be no honest contradiction of the fact that our economy is
\nrebounding with myriad business and employment opportunities
\navailable to citizens and residents.
\nIn 2023, we will redouble efforts to ensure the benefits of economic
\ngrowth are distributed to all our people.
\nThis, Mr. Speaker, will be achieved on two tracks:
\n1. Making major adjustments to expenditure management and
\nrevenue administration. This involves resetting our approach to
\npublic sector operations to secure fiscal resilience and debt
\nsustainability; and
\n2. Implementing strategies for development that will further revitalise
\nthe economy in 2023 and beyond.<\/p>\n

Macroeconomic and Fiscal Sustainability
\nMr. Speaker, achieving fiscal resilience and debt sustainability requires
\ndeliberate interventions to boost revenue and prudently manage
\nspending.
\nThe Medium-Term Fiscal Strategy (MTFS), developed by our
\ngovernment in 2021, articulated an ambitious plan to consolidate the
\nfiscal position and ensure attainment of the debt to GDP target of 60 per
\ncent by 2035.<\/p>\n

While most of the MTFS measures have been implemented, the
\ntargeted primary surplus of 1.5 per cent of GDP was missed.
\nThis is entirely because of the major geopolitical and economic
\nupheavals that impacted global economies, including ours, in 2022.<\/p>\n

However, we remain committed to the fiscal path envisaged in the
\nStrategy and we will take the necessary action to attain a primary
\nsurplus of at least 1.5 per cent of GDP over the next three years.
\nWe are determined to achieve continued fiscal consolidation and growth
\nrecovery so as to bring debt to under 70 per cent of GDP by 2030.<\/p>\n

Revenue and Expenditure Reforms
\nMr. Speaker, in order to eliminate any possibility of wastage, to curb
\nrevenue leakages, and ensure value is received for every dollar of public
\nfunds spent; our administration will reset the way public finances are
\nmanaged.<\/p>\n

Over the next twelve months, we will pursue a series of revenue and
\nexpenditure reforms that will enhance our ability to deliver both timely
\nand efficient service to the public, and to finance projects and
\nprogrammes to advance the social and economic wellbeing of all.<\/p>\n

The reforms will include the following:
\n\uf0b7 The Antigua and Barbuda Investment Authority will be
\nauthorized to monitor and report on projects for which
\nconcessions and tax exemptions are granted.
\n\uf0b7 Non-statutory tax exemptions will be suspended across the
\nboard. Where a strong case can be made for an exemption,
\nonly 50 per cent of the import duty will be provided. The ABST,
\nRevenue Recovery Charge and Environmental Levy must be
\npaid in all instances. This is a necessary intervention to
\nmaintain expected tax revenues. Currently, nearly half of
\nrevenue assessed for collection by the Customs and Excise
\nDivision is exempted.<\/p>\n

Concessions are granted to help businesses – especially during
\nthe startup phase, to incentivize certain activities that are
\nbeneficial to the economy, and to provide relief to individuals in
\nneed.
\nBut, in order for the government to provide the goods and
\nservices, which all in our society rightfully expects, concessions
\nwill have to be strictly managed in 2023.<\/p>\n

\uf0b7 Set offs with companies that provide services to government will
\nbe judiciously employed. The objective will be to allow
\ngovernment to reduce its obligations to suppliers and
\ncontractors while, at the same time, allowing these businesses
\nto reduce their tax liability.
\n\uf0b7 The system for exchanges at Customs will be discontinued
\napart from exceptional cases.
\n\uf0b7 The way government contracts are issued and managed will be
\noverhauled, particularly those administered through National
\nSolid Waste, Central Board of Health, and Public Works.
\nThis is to ensure more equitable distribution of contracts and
\nthat government receives better value for money. This will also
\nallow for better allocation of resources thereby ensuring
\nconsistency, timeliness of payments, and most importantly, that
\nthe public enjoys improved delivery of services.
\n\uf0b7 The property tax rate will be increased from 0.3% to 0.5% on
\nresidential properties valued at $3 million and more. The
\nrevenue generated from this measure will be used to help
\nfinance government\u2019s urban renewal and national beautification
\ninitiative, which includes creation and maintenance of \u201cgreen
\nspaces\u201d in St. John\u2019s and across the island.<\/p>\n

\uf0b7 The ABST tax base will be broadened, and its administration
\nstrengthened. Legislative adjustments will also be made to
\nclose loopholes that enable tax avoidance. Currently, more than
\none-third of ABST revenue is given away through tax
\nexemptions alone. Again, we must rationalise the use of
\nconcessions and collect revenues so that quality social
\nprogrammes can be provided to the needy and critical public
\ninfrastructure can be funded for the benefit of the entire nation.<\/p>\n

Mr. Speaker, while there has been robust economic growth, there has
\nnot been a commensurate uplift in tax revenues.
\nThis is due to a combination of significant tax concessions and low
\nlevels of tax-payer compliance.
\nAt 16 per cent, Antigua and Barbuda is the country with the lowest tax to
\nGDP ratio in the ECCU region. But, if the society as a whole want<\/p>\n

improved delivery of advanced healthcare, education, and essential
\ninfrastructure, taxes must be paid.
\nBy more efficient collection of existing taxes, and a reduction of non-
\nstatutory exemptions, additional revenues will be earned to enable
\ngovernment to do three critical things:
\n1. Meet its current obligations to domestic contractors and suppliers,
\nand all creditors;
\n2. Ensure payment of pensions, wages, and salaries on time all the
\ntime; and
\n3. Accelerate the clearance of arrears on debt, thus improving
\ncreditworthiness.<\/p>\n

Becoming a Nation with Very High Human Development
\nMr. Speaker, resetting the nation\u2019s finances is essential so that we can
\nbecome a country with very high human development.<\/p>\n

We are already on that path.
\nThe 2023 United Nations Human Development Report shows that
\nAntigua and Barbuda is among the nations in the world with a \u201chigh
\nhuman development index.\u201d<\/p>\n

With a ranking on the index of 0.788, we are among the top five
\nCaribbean countries with the highest level of human development.
\nHowever, we have to raise the level of our people\u2019s development from
\n\u2018high\u2019 to \u2018very high\u2019 so that all in our country can enjoy improved
\nstandards of living and an even better quality of life.<\/p>\n

As our administration continues to make major investments in healthcare
\nand education, while ensuring high and inclusive economic growth, there
\nis every reason to expect that we will achieve the status of \u201cvery high
\nhuman development\u201d in short order.<\/p>\n

That is our goal for all.
\nAnd none should want to benefit, while others struggle.
\nIt is perfectly possible for all to be raised up, with no one left neglected
\nor omitted.<\/p>\n

 <\/p>\n

Strategy to Revitalise and Transform Our Nation
\nMr. Speaker, our administration is finalizing its second Medium-Term
\nDevelopment Strategy (MTDS).
\nThe Strategy identifies priorities for improving the quality of life for all
\nAntiguans and Barbudans.<\/p>\n

It sets out programmes and policies that will promote resilient, inclusive,
\nand broad-based economic development.
\nThe objectives in the Medium-Term Development Strategy are linked to
\nthe United Nation\u2019s Sustainable Development Goals (SDG\u2019s) and
\ninclude:<\/p>\n

i. Strengthening macroeconomic management within our country.
\nThere will be a renewed emphasis on developing the agriculture
\nand fisheries sector; encouraging manufacturing; implementing
\nplans to earn increased revenues and create jobs from our blue
\neconomy; building sustainability and resilience in the tourism
\nindustry; and promoting private sector-led growth.
\nii. Promoting competitiveness and an enabling business environment
\nfor industry, innovation, and infrastructure. We will mobilize
\nresources for the rehabilitation, maintenance, and expansion of our
\ninfrastructural assets. This will include innovative financing
\nmechanisms for the development of climate resilient transport and
\nhousing infrastructure and strengthening our digital ecosystem.
\niii. Reducing poverty and vulnerability. This is one of the Sustainable
\nDevelopment Goals to which our administration has given priority
\nstatus. Agencies of the government will be resourced to help build-
\nout programmes and projects to reduce poverty in vulnerable
\ngroups and help to build their resilience to overcome socio-
\neconomic shocks.<\/p>\n

iv. Improving access to education and affordable healthcare.
\nInvesting in people and making sure all citizens and residents are
\ngiven the educational tools to fulfill their potential is essential.
\nHealth is recognised as a basic human right that every citizen
\nshould be able to enjoy, living a socially and economically
\nproductive life. The growth and development aspirations of our
\nnation collectively and our people individually cannot be realised<\/p>\n

without a healthy, vibrant, knowledgeable, and skilled population.
\nThat is why our administration has already invested heavily in
\neducation and healthcare, and why we will continue to do so.
\nv. Adapting to climate change is a priority because we are among the
\ncountries most vulnerable to climate related events.<\/p>\n

We will
\nfacilitate and promote the legislative and regulatory framework for
\nconstructing resilient homes, buildings, roads, and conduits for the
\ndelivery of water and electricity. We must expect a worsening of
\nthe impact of Climate Change and prepare for it.<\/p>\n

Mr. Speaker, Our development strategy is to ensure that our economy
\ngrows by 6 per cent or more over the medium term.
\nThis growth will be inclusive \u2013 generating jobs for all our people and
\nreducing vulnerability and poverty.<\/p>\n

Supporting Private Sector Expansion
\nMr. Speaker, our country welcomes investment from both local and
\nexternal sources.
\nThrough the Antigua and Barbuda Investment Authority Act, there are
\nmyriad incentives and concessions available to both local and foreign
\ninvestors.<\/p>\n

Any investor willing to invest $1 million or more can access a range of
\ntax concessions and exemptions as prescribed in the Act.
\nFurther, the ABIA is also responsible for administering the Small
\nBusiness Development Act through which locally owned businesses with
\ncapital investment of less than $3 million, and fewer than 25 employees,
\ncan receive even more generous concessions; access land at rates of
\n$3 per square foot; and receive support for credit guarantees and
\ntechnical assistance to start or expand their business.<\/p>\n

Moreover, Antigua and Barbuda\u2019s membership in the Eastern Caribbean
\nPartial Credit Guarantee Corporation provides an opportunity for small
\nbusinesses to increase access to credit.<\/p>\n

The intent of the guarantee is to help reduce the risk that banks typically
\nassociate with lending to micro and small businesses.
\nIt also addresses the obstacle of limited collateral that usually confronts
\nmicro and small business owners.<\/p>\n

To encourage increased lending to these businesses and greater use of
\nthe instruments offered through the Credit Guarantee Corporation, our
\ngovernment will offer tax credits to banks that lend to micro and small
\nbusinesses.<\/p>\n

We encourage our local entrepreneurs to contact the small business
\ndepartment of our domestic banks for more information on the credit
\nguarantee programme.<\/p>\n

Mr. Speaker, the Prime Minister\u2019s Entrepreneurial Development
\nProgramme (EDP), is a key component of our government\u2019s drive to
\nencourage development of new private businesses and expansion of
\nexisting operations.<\/p>\n

It focuses on micro, small, and medium size enterprises.
\nFrom its beginning, it has provided almost $5 million in funding to local
\nentrepreneurs in tourism, agriculture, creative industries, fisheries, and
\nconstruction.
\nBusinesses have access to duty and tax concessions in addition to
\nfunding, free business consultations, and training.
\nThe programme also provides resources for equity financing and joint
\nventures.<\/p>\n

The Cabinet recently approved a new policy for the establishment of a
\ncredit instrument to provide working capital to small contractors who
\nsupply services to the government, including the construction of curbs
\nand drains.<\/p>\n

Among the beneficiaries of this programme are entrepreneurs on
\nBarbuda.
\nThey have not been omitted or neglected.
\nThe administrators of the EDP will work with the Barbuda Council to
\nincrease the number of Barbudan entrepreneurs who benefit from the
\nprogramme.<\/p>\n

Mr. Speaker, there are absolutely no restrictions to local investors
\naccessing incentives and concessions for productive economic activity.
\nOur administration is pursuing this path to raise-up our small
\nentrepreneurs and businesses.
\nWe are not giving them a hand-out; we are offering them a leg up, so
\nthat they can claim a stake in our national economy and work to build it
\nfor all.<\/p>\n

The small man and woman can become both beneficiaries of \u2013 and
\ncontributors to \u2013 our national growth and development.<\/p>\n

Revitalised Cargo Port
\nMr. Speaker, our administration\u2019s major investments to redevelop the St.
\nJohn\u2019s Port and build out the country\u2019s cruise infrastructure have already
\nbegun to yield benefits.
\nAntigua and Barbuda is the first country in the subregion to redevelop
\nand modernise its main cargo facility.
\nThe nearly US$100 million project has increased our berthing
\ncapabilities and container storage capacity and significantly improved
\nthe environment for doing business at the port.<\/p>\n

The Antigua and Barbuda Port Authority is well positioned as the leading
\ncandidate for transshipment, logistics, container storage and repairs,
\nbunkering, provision of shore power, and other maritime related
\nservices.<\/p>\n

To this end we have completed a Memoranda of Understanding with
\nPanama, for cooperation with their Port and Maritime authorities of the
\nPanama Canal \u2013 a vital shipping lane for global trade.<\/p>\n

We expect this cooperation to redound to the benefit of Antigua and
\nBarbuda, as a main hub for transshipment to other countries of our
\nregion.<\/p>\n

The fact that the Port Authority has a shore crane has increased the
\ninterest of several regional shipping lines in conducting business with the
\nPort.
\nBased on our reputation as one of the most robust ship-to-shore
\noperations in the entire Caribbean, and the real opportunity for an
\nexplosion of business activity, efforts are underway to procure another
\ncrane to handle the boost in transactions at the Port.<\/p>\n

What we have achieved so far – and the gains that are in the pipeline \u2013
\nresulted from visionary thinking and planning, about how, despite our
\nsmall size, we can benefit from bigger regional participation.
\nAll our people can be rightly proud of the stake we are carving out for
\nour country and our nation.<\/p>\n

Cruise Port
\nMr. Speaker, as we all know, the pandemic dealt a severe blow to cruise
\noperations across the globe, including in Antigua and Barbuda.
\nStrategically, our government reached an agreement with Global Ports
\nHoldings which led to the creation of the Antigua Cruise Port \u2013 an
\nagreement whose wisdom is being proven before our very eyes.<\/p>\n

Since the reopening of Antigua Cruise Port in July 2021, there has been
\na steady growth in cruise passenger arrivals.
\nThe completion of the Fifth Berth affords the unique opportunity to safely
\naccommodate five mega vessels simultaneously, placing our country at
\nthe forefront of the home-porting capacity in the region.<\/p>\n

By the end of 2023, we expect to welcome nearly 500,000 cruise
\npassengers to our shores.
\nThis means, at the very least, the business community, including our
\nvendors and taxi drivers, will benefit from additional income.<\/p>\n

Mr. Speaker, the inaugural call of the excel class vessel, P &amp; O\u2019s Arvia,
\nat our newly constructed Fifth Berth a few weeks ago and its subsequent
\ncalls confirm that we are making sound investments.
\nWe are getting the return on our money, and our people are the real
\nbeneficiaries.<\/p>\n

 <\/p>\n

That was the purpose, and that is the indisputable achievement.
\nOur government is working unrelentingly for our people.
\nMr. Speaker, with several successful home-porting operations under our
\nbelt, and four cruise lines already confirming home-porting operations,
\nour nation is well on its way to becoming a major homeport in the
\nCaribbean.<\/p>\n

Mr. Speaker, Major investments to upgrade Heritage Quay and to
\nconstruct a terminal building at the Fifth Berth will begin by the second
\nhalf of this year.
\nThe work at Heritage Quay will include health and safety improvements,
\ncommon area upgrades, passenger flow improvement, and general
\nbeautification of the area.<\/p>\n

The state-of-the-art terminal building, which will be erected at the Fifth
\nBerth, will be the first of its kind in the Eastern Caribbean.
\nIts unique design will feature over 10,000 square feet of space to
\nadequately accommodate both transit and home-porting operations.
\nIt will include accommodations for Customs, Immigration, Port Health,
\nSecurity screening, and convenience shopping.<\/p>\n

Other plans include a 30,000 square foot shopping village, taxi and tour
\nbus dispatch areas and a day club featuring amenities and
\nentertainment for adults and children \u2013 which will be open to all our
\nresidents to enjoy.<\/p>\n

Apart from the security of the actual port area, no resident of Antigua
\nand Barbuda will be excluded from access and enjoyment of these
\namenities.
\nAntiguans and Barbudans will not be excluded from access to facilities in
\ntheir own land.<\/p>\n

Major Private and Public Sector Projects
\nMr. Speaker, I come now to the several private and public sector
\nprojects that will proceed in 2023 and help to revitalise the national
\neconomy, laying the foundation for transformation in the years ahead.<\/p>\n

The $7 billion PLH luxury development on Barbuda will continue
\nconstruction, with an additional $400 million being spent in 2023,
\nbringing the total spend by the end of this year to $2 billion.<\/p>\n

Since this development started, more than 600 jobs have been created
\nand over 1,300 individuals have enjoyed myriad economic and social
\nbenefits from direct employment and the provision of direct and indirect
\nservices.<\/p>\n

Our partnership with PLH has also secured the construction of a new
\nairport, which will receive flights in a few months, but will be officially
\nopened later in the year. The rebuilding and expansion of the River
\nDock cargo port will commence in April to be completed by the end of
\nthe year.<\/p>\n

Another project on Barbuda is the US$250 million Paradise Found
\nResort.
\nFurther construction on this project will take place, creating more
\nemployment.<\/p>\n

A third project on Barbuda that will begin construction is the US$130
\nmillion high-end resort by Murbee Resorts Inc.
\nNext month, the developers hope to conclude a letter of intent with a
\nworld-renowned luxury operator, with completion of contracts by June.<\/p>\n

Construction is expected to commence in the fourth quarter of this year.
\nThis would result in another luxury brand name resort that will be
\nestablished on Barbuda, rapidly moving the island into the realm of high-
\nend luxury destination. We will also construct ten miles of concrete
\nroads this year on Barbuda.<\/p>\n

Further, a five-star hotel, to be called Royalton Chic, will be developed at
\nthe site of the former Halcyon Cove Hotel.
\nThis resort will be developed by Sunwing International, providing jobs for
\nover 450 workers in the construction and operational phases.<\/p>\n

Just next door on Dickenson Bay, the Sandals Grande resort is investing
\n$120 million to upgrade and expand, adding to the national room stock
\nand providing construction and permanent jobs for hundreds of people.
\nMr. Speaker, it should be clear that, with the hundreds of construction
\njobs, and additional jobs in the hotel industry, Antigua and Barbuda will
\nenjoy full employment.<\/p>\n

To underscore the point, Carlisle Bay Resort, the high-end property
\nlocated in Old Road, will also expand starting in August of this year, at a
\ncost of US$120 million.<\/p>\n

Adding to the number of high-end, luxury properties on Antigua,
\nAmbassador Calvin Ayre is currently constructing a US$40 million
\nconference retreat centre, located on the southern side of the island.
\nThis project has already started.<\/p>\n

Later this year, he will commence construction of a US$250 million Nikki
\nBeach and residences comprising 90 hotel rooms, 70 branded
\nresidences, 10 villas, two restaurants, a beach club, spa and gym.
\nFinally, the Moon Gate Hotel and Spa, overlooking Half-Moon Bay will
\ncontinue construction this year.
\nMr. Speaker, along with these developments, over US$100 million will
\nbe invested in luxury homes across the island to include Windward
\nBeach, Jumby Bay, Mill Reef, and the Baron Lorne Thyssen mansion at
\nLaurie Bay.<\/p>\n

In addition, we have been advised that the HMB property is being sold to
\nan ultra-luxury brand in the UAE.
\nGiven all these activities, there is no question that the Antiguan and
\nBarbudan economy will grow this year by leaps and bounds, creating
\nhundreds of jobs in construction and related services.
\nAnd this is not an exhaustive list of all that will take place over the
\ncoming months.<\/p>\n

Public Sector Projects
\nThere will also be many public sector projects.
\nThese will include:<\/p>\n

A US$70 million project at the VC Bird International Airport that will bring
\nabout much needed upgrades and expansion at the facility to
\naccommodate the already increasing flow of passengers. This
\ninvestment will finance major capital works on both the terminal and the
\nrunway.<\/p>\n

 <\/p>\n

Roads
\nRehabilitation of major road corridors, including the Sir Sydney Walling
\nHighway, Anchorage Road, Herberts\/Potters Main Road, Old Parham
\nRoad, and renovation of Darkwood Bridge, will proceed in 2023.
\nAdditionally, the Ministry of Works will spearhead our government\u2019s
\nstrategy to improve community roadways.<\/p>\n

By the end of 2023, road repair and maintenance works will progress
\nsubstantially in every parish across Antigua and Barbuda.
\nWhile it would be impossible to carryout works in every village or
\ncommunity in one year, there will be ongoing implementation of the road
\nimprovement programme for the benefit of all.<\/p>\n

Greater details of the roads programme will be presented by the Minister
\nresponsible for Public Works during the debate on this Budget.<\/p>\n

Barbuda Projects
\nMr. Speaker, we will also complete the US$6.6 million Energy Resilience
\nProject on Barbuda.
\nThe works include undergrounding electricity transmission lines;
\nreconnecting homes damaged during Hurricane Irma; installation of
\nhybrid solar panels on public buildings; and adding 410Kw of generating
\ncapacity to support back-up power generation at the Green Barbuda
\nEnergy Plant.<\/p>\n

Among the other projects on Barbuda is the construction of a new
\nMultipurpose Centre, and rehabilitation of the Community Centre and
\nCouncil Buildings.<\/p>\n

These projects will all add to greater employment on Barbuda, and the
\nopportunity for the development of small and medium-sized businesses
\nto provide them with services.<\/p>\n

Increased Water Production and Supply
\nMr. Speaker, continuing our administration\u2019s determination to satisfy the
\nwater needs of all residents on Antigua at all times, APUA will invest<\/p>\n

US$14 million in another Reverse Osmosis Plant, which will be located
\nin Bethesda.
\nThis will bring total daily water production to over 10 million gallons.
\nThere is no question, Mr. Speaker, that our government has made
\nconsiderable investment in water infrastructure, demonstrating its
\nresolve that water must be supplied consistently and reliably to all.<\/p>\n

Our administration is keenly aware, that although its considerable efforts
\nhave resulted in a marked increase in the production of water, APUA still
\nexperiences difficulties in distributing enough water to homes and
\nbusinesses alike.<\/p>\n

My government has given clear instructions that this problem must be
\ntackled effectively, fully, and swiftly.
\nDuring the debates, the Honourable Member for St. John\u2019s City East,
\nwho is the Minister with responsibility for APUA, will elaborate on this
\nand other utility related matters, including the $50 million investment in a
\nsub-sea cable to provide more reliable and affordable broadband
\nservices.<\/p>\n

Natural Gas Terminal
\nMr. Speaker, conscious of the need for energy security, our
\nadministration is determined to diversify the sources of energy available
\nto our nation.<\/p>\n

The objective is stable supply at an affordable price.
\nTherefore, we are supporting the completion of a US$100 million
\nLiquified Natural Gas (LNG) terminal and power plant at Crabbs
\nPeninsula. This is a joint venture between Antigua Power Company and
\nan LNG producer from the United States.<\/p>\n

Natural gas is a less polluting source of energy generation, that will not
\nonly be cheaper to produce, but will help our country to limit, even more,
\nits relatively small emission of CO2 gases that pollute the atmosphere.<\/p>\n

Building Resilience to the Impact of Climate Change<\/p>\n

Mr. Speaker, with the help of US$32 million from the Green Climate
\nFund, our government will climate proof critical public sector buildings
\nsuch as government ministries, schools, clinics, and fire and police
\nstations across the country \u2013 all of this is part of our efforts to protect
\nourselves from loss and damage that result from extreme weather
\nevents, particularly hurricanes.<\/p>\n

Housing
\nMr. Speaker, improving the housing stock and making home ownership
\na reality for our citizens and residents remain a critical priority for our
\nadministration.
\nDuring the debate on the Budget, the Honourable Member for St. John\u2019s
\nRural East, the Minister with responsibility for Housing, will elaborate on
\nplans to expand and accelerate the housing revolution in Antigua and
\nBarbuda.<\/p>\n

However, as Minister of Finance, I now inform this Honourable House
\nthat, since its inception, the National Housing and Urban Renewal
\nCompany has built properties valued at $300 million to include lands and
\nhouses to our people.
\nThrough this Company and the Central Housing and Planning Authority,
\nhousing projects are ongoing across the length and breadth of our
\nnation.
\nIn the coming months, the housing project slated for Point will be fast-
\ntracked, so residents can return to their beloved communities.
\nThe enhancement of the housing stock in this area is being funded with
\na grant from the Peoples Republic of China and we hope to roll out
\nsimilar projects in the Grays-Green community, Bolans, Jennings, and
\non Barbuda.<\/p>\n

Supporting Agriculture
\nMr. Speaker, output in the agriculture sector continued to expand in
\n2022 as livestock and crop production increased.
\nIn real terms, the sector grew by a further 2 per cent reflecting ongoing
\ninvestment and support for farmers.
\nIn 2023, our government will continue to provide resources to help build
\nresilience in the agriculture sector by introducing new technologies to
\ncombat high heat, water scarcity and hurricane damage.<\/p>\n

In addition to providing concession to farmers and fisherfolk, we will
\nensure they can access affordable insurance coverage.
\nMr. Speaker, if we learned nothing else from the closure of borders and
\nthe paralysis of sea and air transportation that impeded the importation
\nof food, we certainly learned that a thriving agriculture sector is
\nnecessary.<\/p>\n

During the COVID-19 pandemic, it was kitchen gardens and cultivation
\non disused farms that provided fresh food, replacing imports on which
\nmany had come to depend.
\nNo country should be placed in a situation in which it does not have
\naccess to sufficient food for its basic needs. Food security is a must!
\nThat is why it is imperative that we substantially improve our agricultural
\nproduction, utilizing modern technology to overcome our natural
\nshortcomings, such as drought.<\/p>\n

It is also necessary for us to reduce our food import bill, which eats up a
\nsubstantial portion of our foreign exchange earnings. These resources
\nwould be better allocated to financing infrastructural projects and
\ninvesting in initiatives that will allow us to attain very high human
\ndevelopment.
\nOur success in egg and poultry production, which generated value of
\nmore than $20 million in 2022, indicates that with the right strategies and
\ninvestments, we can vastly improve self-sufficiency.
\nWith the assistance being provided by China and agencies, such as the
\nFood and Agriculture Organisation, new techniques and technologies
\nwill secure improved production of crops.<\/p>\n

To facilitate greater agricultural production, our government will
\nconserve lands for agricultural purposes through the establishment of
\nfarmland trusts or special agriculture zones.
\nThe Honourable Member for St. Paul, who has Ministerial responsibility
\nfor Agriculture, will lay out plans for increasing agricultural and fisheries
\nproduction and empowering farmers, including women and youth.<\/p>\n

Investment in Education<\/p>\n

Mr. Speaker, in just under four years since the opening of the UWI Five
\nIslands Campus, the Government of Antigua and Barbuda and the Saudi
\nFund for Development signed an agreement for a loan of US$80 million,
\nmaking this the largest one-off investment in any campus in the 75-year
\nhistory of UWI.<\/p>\n

This is a clear indication of our administration\u2019s commitment to ensuring
\nAntigua and Barbuda is established as a first-rate location in the region
\nfor higher education and life-long learning.
\nThis investment will help expand the physical infrastructure of the
\ncampus to meet the growing demand for access to tertiary education for
\nAntiguans and Barbudans, OECS nationals, and students beyond our
\nregion.<\/p>\n

The project includes construction of student housing, teaching and
\nresearch facilities, libraries, a sports complex, and administrative
\nbuildings, among others.
\nAdditionally, US$5 million has been allocated to build a new primary
\nschool in Five Islands.<\/p>\n

The Minister responsible for Education, the Honourable Member for St.
\nJohn\u2019s Rural South, chairs a committee responsible for advancing
\nimplementation of this project.
\nIt is expected that construction work will begin by the second quarter of
\nthis year.
\nOther projects in education include major repairs on the Irene B Williams
\nSecondary School and completing rehabilitation of the Boys Training
\nSchool.<\/p>\n

There will also be investment in security equipment to be installed in
\nschool plants to arrest the growing trend of crime and occurrences of
\nviolence on or around schools. We have already started to install CCTV
\ncameras at Princess Margaret and Clarehall Secondary schools and will
\nsoon begin installation at All Saints Secondary and Sir Novelle Richards
\nAcademy.<\/p>\n

The redevelopment of Antigua and Barbuda Institute of Continuing
\nEducation (ABICE) is another important project to be completed in 2023
\nwith a generous grant of $13 million from Sir David Harrison of the
\nHarrison Foundation.<\/p>\n

 <\/p>\n

Investment in Healthcare
\nMr. Speaker, several public and private sector initiatives are being
\nimplemented to enhance healthcare infrastructure and services in
\nAntigua and Barbuda.
\nOur government is constructing a Dialysis and Renal Centre on the
\ncompound of the old Holberton Hospital.
\nOnce operational, this Centre will help in the fight against non-
\ncommunicable diseases and their impact on the social and economic
\nwellbeing of so many of our nationals.
\nThis new facility will enable our country to increase the number of kidney
\ntransplants and offer these services to residents in other OECS
\nterritories.<\/p>\n

Also, the establishment of a Cardiac Centre at Sir Lester Bird Medical
\nCentre will provide much needed access to more affordable cardiology
\ncare for our people.
\nTwo projects being undertaken by private investors will also help
\nposition Antigua and Barbuda as a medical and wellness tourism
\ndestination.
\nOne is the Doctors\u2019 Hospital and Medical Centre that is being led by Dr.
\nJoseph John.<\/p>\n

The other is the planned investment by Ambassador-at-Large, Calvin
\nAyre, in Stem Cell Research and Wellness Tourism Services.
\nForging Relations with the African EX-IM Bank
\nMr. Speaker, Antigua and Barbuda has an exciting opportunity to forge a
\nmeaningful partnership with the African Export Import Bank.
\nUpon executing a cooperation agreement with this institution, our region
\nwill have the opportunity to access US$1.5 billion in funding for
\ndevelopment.<\/p>\n

The Cabinet recently held discussions with representatives of the
\nAfrexim Bank during which we considered several projects for
\nimplementation.<\/p>\n

We will leverage this new affiliation to explore support for infrastructure
\ndevelopment, investment in tourism, establishment of an agro-industrial
\npark, and recapitalisation of LIAT.<\/p>\n

Estimates of Revenue and Expenditure for Fiscal Year 2023
\nMr. Speaker, the estimates of revenue and expenditure in the Budget
\nreflect our administration\u2019s intention to \u201creset\u201d the government\u2019s fiscal
\noperations, with the purpose of achieving fiscal consolidation and fiscal
\nresilience.<\/p>\n

Thus, the thrust for Fiscal Year 2023 will be to increase revenue
\ncollections and ensure more efficient management of expenditure.
\nBeginning on April 3 rd , 2023, all concessions will be significantly reduced,
\nand the discretionary waiver of duty on imports will be capped at 50 per
\ncent.<\/p>\n

Mr. Speaker, Budget 2023 has a total resource requirement of $1.8
\nbillion.
\nThis represents a 12.5 per cent increase over the approved figure for
\nBudget 2022.
\nThe 2023 resource envelope is made up of $1.04 billion in Recurrent
\nExpenditure, $161.2 million in Capital Expenditure, and $605.8 million in
\nAmortization Payments.<\/p>\n

The Budget will be partly funded by Total Revenue and Grants
\namounting to $1.13 billion. This leaves a financing requirement of $676.7
\nmillion, which will be funded through securities issued on the Regional
\nGovernment Securities Market (RGSM) and disbursements from Loans
\nand Advances.<\/p>\n

These amount to $351.6 million and $321.1 million, respectively.
\nMr. Speaker, an overall deficit of $70.9 million, or 1.3 per cent of GDP is
\nprojected for 2023 along with a primary surplus of $76.6 million or 1.4
\nper cent of GDP.<\/p>\n

The projected fiscal outcomes for 2023 are an improvement over the
\nestimated fiscal performance in 2022 and are aligned with the targets
\nestablished in our strategy for fiscal and debt sustainability.
\nRevenue<\/p>\n

Recurrent revenue, forecasted at $1.03 billion, will be derived from:
\n\u2022 Direct Tax Revenue of $119.4 million
\n\u2022 Indirect Tax Revenue of $738.2 million; and
\n\u2022 Non\u2013Tax Revenue of $173.2 million<\/p>\n

The Budget also includes $62.0 million for Capital Receipts and $32.6
\nmillion in grant funding.<\/p>\n

Expenditure
\nRecurrent expenditure is forecasted at $1.04 billion and will be
\ncomprised as follows:
\n\u2022 Wages and Salaries of $425.9 million
\n\u2022 Goods and Services of $183.5 million
\n\u2022 Transfers and Grants of $163.9 million
\n\u2022 Statutory Contributions of $41.1 million
\n\u2022 Pensions and Gratuities of $74.1 million; and
\n\u2022 Interest Payments of $146.5 million<\/p>\n

Ministry Allocations
\nMr. Speaker, when they make their contributions to the debate on this
\nBudget, the parliamentary representatives with responsibility for
\nMinistries will present the details of their Ministries\u2019 programmes in 2023.
\nHowever, I will present here the recurrent ministry allocations:
\nMinistry of Foreign Affairs, Agriculture, Trade and Barbuda Affairs, $50.1
\nmillion.
\nMinistry of Housing, Works, Lands and Urban Renewal, $97.6 million.
\nMinistry of Education, Sport and Creative Industries, $185 million.
\nMinistry of Health, Wellness, Social Transformation and the
\nEnvironment, $147 million.<\/p>\n

Ministry of Tourism, Civil Aviation, Transportation and Investment, $38.3
\nmillion.
\nAttorney General's Office and Ministry of Legal Affairs, Public Safety,
\nImmigration and Labour, $106.3 million
\nMinistry of Information Communication Technologies (ICTs), Utilities and
\nEnergy, $15.3 million.<\/p>\n

Other non-Ministry allocations
\nMr. Speaker, the 2023 budget also includes allocations for other Offices,
\nsuch as the Legislature, the Judiciary, Audit, the Office of the Governor
\nGeneral, and others.
\nFull details of all budgetary allocations are available in the Appendices to
\nthe printed version of this presentation.<\/p>\n

Capital Budget
\nMr. Speaker, the capital budget amounts to $161.2 million.
\nThe expenditure is geared to lay the foundation in 2023 for a continuing
\nprogramme of strengthening and expanding the physical infrastructure of
\nthe country.
\nIn this connection, of the allocated $161.2 million, spending on road
\nworks is expected to be $74.8 million and $12.9 million is assigned for
\nmajor repairs and maintenance and outfitting of government buildings.<\/p>\n

Allocations for Offices falling under the Prime Minister
\nMr. Speaker, I now present the allocations for the Office of the Prime
\nMinister, which amounts to $36.7 million, and the Ministry of Finance,
\nCorporate Governance and Public Private Partnerships, which receives
\n$121.1 million.
\nIncluded in the amount budgeted for the Ministry of Finance is $6.5
\nmillion for the Barbuda Council.
\nPriorities in 2023 for these Ministries include:<\/p>\n

1. Publication of the Fiscal Resilience Guidelines and establishment
\nof the Fiscal Resilience Oversight Committee
\n2. Strengthening transparency and accountability by creating a
\nbudget transparency portal that will be accessed by the public
\n3. Operationalizing the Climate Resilience and Development Fund
\n4. Enhancing the Finance Administration Act and regulations
\n5. Strengthening the internal audit function to ensure improved
\ninternal controls and compliance with government policy and
\nprocedures
\n6. Completing implementation of E-registration, E-filing and E-
\npayment solutions at Inland Revenue Department
\n7. Expanding the use of ASYCUDA by the Customs and Excise
\nDivision to improve revenue collection
\n8. Conducting the Population Census
\n9. Finalizing and enacting amendments to the Procurement
\nAdministration Act and Regulations<\/p>\n

Mr. Speaker, our government had intended to conclude negotiations with
\nthe various bargaining agents for public sector employees in 2022.
\nHowever, this was not accomplished; not because of any hostility on
\neither side, but because of the careful nature of such negotiations.
\nThe government\u2019s negotiating team and the bargaining agents are still
\nworking on reaching the percentage increase to cover the contract
\nperiod 2018 to 2020.<\/p>\n

Despite this, we allocated and paid more than $20 million to current,
\neligible public sector workers as a contribution to the back pay that will
\nultimately be due, once the agreements with the bargaining agents are
\ncompleted and executed.
\nI am advised that there are a few current employees who have not yet
\nreceived the contribution to back pay, and this error is being addressed
\nby the Treasury.
\nI also encourage any such current employee to raise the matter with
\nhis\/her Permanent Secretary.<\/p>\n

Mr. Speaker, I wish all public servants to know that, immediately upon
\nconclusion of the negotiations, our government will give effect to the
\nterms of the settled agreement, and any balances due on the retroactive
\nsums will be paid, including to all former, eligible government
\nemployees.<\/p>\n

Conclusion
\nMr. Speaker, in this presentation of the Budget, I have laid out a
\nconcrete plan for resetting, recovering, and revitalizing the economic
\nand financial circumstance of our country.
\nI have also shown how this plan will be financed, over the year 2023
\nwhich the Budget covers.
\nIt should be clear that the plan is fully achievable, and that its
\nimplementation will lay the foundation for economic growth, increased
\nemployment, reduction of poverty and greater empowerment of our
\npeople.
\nMr. Speaker, this reset has become imperative because of the external
\nforces that impinge on our economy.
\nThese include, Mr. Speaker, the disastrous economic impact of the
\nCOVID-19 pandemic and the severe disruption of global supply of goods
\nthat resulted in higher costs of food and energy, and, ultimately, to an
\nincrease in the cost-of-living.
\nNo nation was prepared for these debilitating events, least of all small
\nstates such as ours, which lack the financial and technical resources of
\nlarge countries.
\nYet, our nation cannot sit back and hope for the best in the future.
\nWe have to be prepared to meet and overcome the shocks to our
\neconomy that emanate from external developments over which we have
\nno control, and which could emerge suddenly and viciously.
\nMr. Speaker, we must reset so as to:
\n1. build resilience to externally generated events;
\n2. reform our agriculture sector to increase our local food production;<\/p>\n

3. use our government incentive schemes to help sustain the
\nproductive sectors of our economy to maintain and expand
\nemployment; and
\n4. focus government spending on those areas that will strengthen
\nboth our economy and our financial system.
\nOur principal aim is to invest in people, through increased and sustained
\nspending on health and education, and reduce economic inequality in
\nour society.<\/p>\n

Mr. Speaker, as I have emphasised, we have already advanced on the
\nroad to recovery from the two current crises that confront the global
\ncommunity, and we are working steadfastly to revitalise our economy to
\nresist and overcome further challenges, including the harmful effects of
\nClimate Change.<\/p>\n

As a small country with limited resources, we have done remarkably well
\nto recover so dramatically in two years since the onset of the pandemic,
\nand in the midst of the adverse effects of the Russian war on Ukraine
\nthat now engulfs the world and continues to cast uncertainty.
\nAnd while our continued economic growth, increased local and foreign
\ninvestment, higher rates of employment, and greater savings in our
\nbanks, give us good reason for optimism about our future, we must work
\ncollectively to maintain these conditions.<\/p>\n

Our administration will continue to provide vision and courageous
\nleadership; we will point the way and navigate around the obstacles. But
\nwe need the nation\u2019s collective imagination, collective cooperation, and
\ncollective hard work to reach the heights to which all in our country
\naspire, and which all in our country deserve.<\/p>\n

In this special time of global turmoil, we have the chance to strengthen
\nour small island state as an oasis of hope, by taking it upward to the next
\nlevel of progress and prosperity.<\/p>\n

I thank all members of my administration for their commitment to the
\ntask ahead and expect that they will work tirelessly to achieve the
\nobjective of resetting, recovering, and revitalising our economy.
\nI am also grateful for the invaluable contribution of the staff in the
\nMinistry of Finance in preparing the annual budget.<\/p>\n

This Budget 2023 lays out the road map for a transformative and
\nbeneficial journey for all in our beloved Antigua and Barbuda.
\nMr. Speaker, as your Next Level Prime Minister, I commend this Next
\nLevel Budget 2023 to this Honourable House and the people of this Next
\nLevel Nation.<\/p>\n

I thank you.<\/p>\n

\"\"<\/a><\/div>","protected":false},"excerpt":{"rendered":"

Mr. Speaker I rise to deliver to this Honourable House, my government\u2019s Budget Statement in which I will outline how State revenues will be attained, and how they will be applied during this financial year, in the socio-economic interest of the people of our country. This year, our government\u2019s Budget is presented under the theme: […]<\/p>\n","protected":false},"author":3,"featured_media":169856,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-169855","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\n2023 Budget Statement by Prime Minister the Hon. 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