As the novel coronavirus continues to wreak havoc around the world, the economy of Antigua and Barbuda is definitely feeling the pressure. Prime Minister Gaston Browne said that although there are difficulties, the government will do all it can to ensure that payments are met.
“July would have been a stronger revenue month than August, but not significantly lower,” he said. “We are still in a position to cover wages and salaries.”
“I believe salaries and wages have been paid. Obviously, Social Security continues to struggle to pay pensions and pensions obviously will be delayed, but will be paid,” Browne continued, promising that his administration is doing its best to keep persons employed.
The Customs Department is reported to have seen EC$3 million (One EC dollar=US$0.37 cents) in revenue last month.
Despite the issues, help is coming, as the Chief of Staff Lionel ‘Max’ Hurst revealed that the government has received a EC$14 million loan from an unnamed “foreign entity.
“It’s a private operation, and they’re prepared to loan us some money in advance of payments which we would normally make,” he said. “It hasn’t gone through as yet, it’s not complete although we signed all the papers that are required.
“The Prime Minister signed them on Friday. We anticipate that it will happen one day this week. We are talking about EC$6 million dollars to be delivered between now and the middle of September, and then an additional EC$8 million dollars to be delivered before the end of December.”
Hurst said the government is “finding some creative ways” to meet “the obligations to our friends from China”, with the China Exim Bank is funding the development at the cargo port here.
Prime Minister Gaston Browne said that although there are difficulties, the government will do all it can to ensure that payments are met.Sponsored
“July would have been a stronger revenue month than August, but not significantly lower,” he said. “We are still in a position to cover wages and salaries.”
“I believe salaries and wages have been paid. Obviously, Social Security continues to struggle to pay pensions and pensions obviously will be delayed, but will be paid,” Browne continued, promising that his administration is doing its best to keep persons employed.
The Customs Department is reported to have seen EC$3 million (One EC dollar=US$0.37 cents) in revenue last month.
Despite the issues, help is coming, as the Chief of Staff Lionel ‘Max’ Hurst revealed that the government has received a EC$14 million loan from an unnamed “foreign entity.
“It’s a private operation, and they’re prepared to loan us some money in advance of payments which we would normally make,” he said. “It hasn’t gone through as yet, it’s not complete although we signed all the papers that are required.
“The Prime Minister signed them on Friday. We anticipate that it will happen one day this week. We are talking about EC$6 million dollars to be delivered between now and the middle of September, and then an additional EC$8 million dollars to be delivered before the end of December.”
Hurst said the government is “finding some creative ways” to meet “the obligations to our friends from China”, with the China Exim Bank is funding the development at the cargo port here. (Buzz Caribbean)
Advertise with the mоѕt vіѕіtеd nеwѕ ѕіtе іn Antigua!
We offer fully customizable and flexible digital marketing packages.
Contact us at [email protected]
Economic Power House, my ass. Remember when Gaston said he would turn Antigua into the next Singapore. No economic powerhouse does borrow from Peter to pay Paul. How Gaston going pay back Peter? That is a form of a Ponzi scheme.
By giving land to the Chinese instead of monetary payment. That’s the endgame for the Chinese. Look at Jamaica. Then the current minsters go off into the sunset leaving the rest of us screwed.
Social Security broke, they are struggling to pay pensioners. I thought they told us it was a technical issue.
Sad to say it’s going to get worse before it gets better for a lot of Caribbean islands
remember their is no CASH COW flying around the sky’s now Antigua will have to pull itself out of a deep hole sounds to me like the port when Finnish will be in Antigua
but belongs to the Chinese and run by Chinese just take a look around Africa first they lend you the money witch they know you have no way of paying back so the more you borrow the deeper you’re in a hole.
You are completely correct. If we don’t change course, that’s exactly were we are headed.
Those who continue voting for officials like the current will have brought this all on Antigua.
It is alleged, that the MILLIONS of dollars in cash seized, by US Law Enforcement in Caribbean waters recently, belongs to the Unknown Entity which the Nation just got, a Pay Day Loan for several millions from, to pay the interests, on Our Chinese loans.
…CRAPPO a light up, dem chalice and a smoke lakkah Joe Frazier!
Comments are closed.