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Antigua PM says unfair Paris Club debts will remain unpaid
Prime Minister Gaston Browne says Antigua and Barbuda will not prioritize repayment of certain Paris Club debts, calling them unjust and insisting they will remain outstanding unless written down.
Speaking on his Browne and Browne Show, Browne said the country still carries arrears, including old loans dating back decades, but some will not be settled under current terms.
“We do have a block of Paris Club loans that, unless we receive a write-down, those are not going to be a priority,” Browne said.
He cited two examples. The first involves a U.S. loan dating back more than 60 years to the construction of Antigua’s port under British colonial rule. Browne argued the liability should have been assumed by the United Kingdom, not the island.
“We have this outstanding loan dating back probably over 60 years when the port was first constructed by the Brits. We felt that it should have been a British government debt… And then we have this outstanding issue with the United States in which they have refused to settle the liability for the gaming litigation that we won at the WTO. So they’re not paying us, and we have decided we’re not paying them either,” Browne said.
The second case involves a Brazilian debt that began at under $5 million but, with penalties and interest, has ballooned to $47 million. Antigua had reached an agreement with Brazilian authorities to settle at $4 million, but Browne said the Paris Club blocked it.
“So we said if we block it, then we’re not paying. Those are going to remain outstanding for some time. And until such time as we feel justice, we have gotten justice to those debts, we’re not paying. If some other administration can go and pay it, we’re not paying it. I’m sorry,” he said.
Browne added that while his government is pursuing liability management measures to reduce the debt service ratio and restructure other obligations, certain debts will remain unresolved until Antigua secures fair treatment.
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Fully agreed with you
Well, let’s look at it this way.
The debt will pile up. When the country finally gets rid of the ALP, as happened before, the UPP will once again knock itself out to pay off these debts, BECAUSE THEY SEE THIS AS THE RIGHT THING TO DO.
This will damage their viability. They will piss off the people because they would be unable to carry the load they were left, and still be able to take care of their needs as they should.
The people will again vote them out of office and bring the ALP back.