Prime Minister Gaston Browne has reaffirmed his administration’s commitment to fiscal responsibility, highlighting significant progress in reducing Antigua and Barbuda’s national debt.
Speaking during his weekly Browne and Browne radio show, the Prime Minister revealed that the country’s debt-to-GDP ratio now stands at approximately 61%, approaching the global benchmark of 60%.
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.
“We’re keeping debt stagnant while growing the country’s economy,” he explained, noting that this dual approach has allowed Antigua and Barbuda to achieve one of the healthiest debt ratios in the region.
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.
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.
“Our challenge lies in the debt service, particularly the high rates we pay for interest and the short-term nature of our loans,” he said.
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.
Browne framed the debt reduction as part of a broader strategy to strengthen the country’s 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.
“The debt reduction we’ve achieved is a sign of a growing, stable economy,” Browne stated, expressing confidence that Antigua and Barbuda is well-positioned for continued progress.
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.
“Those who attempt to undermine these accomplishments are undermining the progress of the entire nation,” he said, calling for unity and truth in recognizing the country’s forward trajectory.
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.
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Open the book so we can see if this is true. Mere words are not sufficient because we have lied to, too many times.
Does not say much. Give us the raw figures. 25/100 = 25%; 30/150 = 20%. Numerator grew at a smaller rate than the denominator so to quote 61% should not give anyone an assurance as to what may be happening with the debt.
He’s taxing poor people to death but keeps barking about “strong customs revenue”. Reducing the debt to GDP is great, but not sustainable if we’re only relying on perpetual economic expansion. We must cut government spending.
Bring your receipts and come. Talk is cheap.
By reducing DEBT to just 61% of GROSS DOMESTIC PRODUCT. GB did you include 1.ONE HUNDRED MILLION DOLLARS BACK PAY OWE to GOVERNMENT CIVIL SERVANTS 2.SEVERANCE PAYMENT TO LIAT (1974) LTD WORKERS 3.PAYMENTTO BAICO POLICYHOLDERS IN ANTIGUA,THE GOVERNMENT OF ANTIGUA FAILED TO REGULATE CLICO/BAICO.I would consider all of the above as DEBT to ANTIGUA.
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