{"id":216551,"date":"2024-11-18T01:04:00","date_gmt":"2024-11-18T05:04:00","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=216551"},"modified":"2024-11-17T12:07:00","modified_gmt":"2024-11-17T16:07:00","slug":"antigua-and-barbuda-debt-reduces-to-just-61-percent-of-gdp","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/antigua-and-barbuda-debt-reduces-to-just-61-percent-of-gdp\/","title":{"rendered":"Antigua and Barbuda debt reduces to just 61 percent of GDP"},"content":{"rendered":"
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Prime Minister Gaston Browne has reaffirmed his administration’s commitment to fiscal responsibility, highlighting significant progress in reducing Antigua and Barbuda\u2019s national debt. <\/p>

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Speaking during his weekly Browne and Browne<\/em> radio show, the Prime Minister revealed that the country\u2019s debt-to-GDP ratio now stands at approximately 61%, approaching the global benchmark of 60%.<\/p>\n\n\n\n

Browne attributed the debt reduction to a strategy of controlled borrowing and economic expansion, emphasizing that the government has avoided significant new debt while steadily growing revenues.<\/p>

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\u201cWe\u2019re keeping debt stagnant while growing the country\u2019s economy,\u201d he explained, noting that this dual approach has allowed Antigua and Barbuda to achieve one of the healthiest debt ratios in the region.<\/p>

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The Prime Minister underscored that this fiscal discipline has translated into real benefits for the economy, with strong Customs revenue and ongoing investment projects fueling growth.<\/p>\n\n\n\n

Despite these achievements, Browne acknowledged ongoing challenges related to debt servicing. He pointed out that the country faces high interest rates and short-term loan structures, which require substantial principal payments of around 10% annually.<\/p>

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\u201cOur challenge lies in the debt service, particularly the high rates we pay for interest and the short-term nature of our loans,\u201d he said.<\/p>\n\n\n\n

The government is working to address these issues in the coming year, with plans to restructure debt where possible to ease the financial burden and support continued growth.<\/p>

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Browne framed the debt reduction as part of a broader strategy to strengthen the country\u2019s economic foundation. He highlighted the role of diversification in creating new revenue streams, from the expansion of the tourism sector to emerging industries like stem cell treatments.<\/p>

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\u201cThe debt reduction we\u2019ve achieved is a sign of a growing, stable economy,\u201d Browne stated, expressing confidence that Antigua and Barbuda is well-positioned for continued progress.<\/p>\n\n\n\n

In his remarks, Browne urged citizens and critics alike to acknowledge the strides being made in reducing debt and fostering economic growth. He noted that such achievements reflect the collective efforts of the government and the people of Antigua and Barbuda.<\/p>\n\n\n\n

\u201cThose who attempt to undermine these accomplishments are undermining the progress of the entire nation,\u201d he said, calling for unity and truth in recognizing the country\u2019s forward trajectory.<\/p>\n\n\n\n

With major investment projects on the horizon and a clear focus on fiscal discipline, Browne affirmed that Antigua and Barbuda is not only meeting global standards but setting a strong example for other nations in the Caribbean region.<\/p>\n

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Prime Minister Gaston Browne has reaffirmed his administration’s commitment to fiscal responsibility, highlighting significant progress in reducing Antigua and Barbuda\u2019s national debt. Speaking during his weekly Browne and Browne radio show, the Prime Minister revealed that the country\u2019s debt-to-GDP ratio now stands at approximately 61%, approaching the global benchmark of 60%. Browne attributed the debt […]<\/p>\n","protected":false},"author":3,"featured_media":111929,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-216551","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nAntigua and Barbuda debt reduces to just 61 percent of GDP - Antigua News Room<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/antiguanewsroom.com\/antigua-and-barbuda-debt-reduces-to-just-61-percent-of-gdp\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Antigua and Barbuda debt reduces to just 61 percent of GDP\" \/>\n<meta property=\"og:description\" content=\"Prime Minister Gaston Browne has reaffirmed his administration’s commitment to fiscal responsibility, highlighting significant progress in reducing Antigua and Barbuda\u2019s national debt. 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