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Prime Minister Gaston Browne has announced that Antigua and Barbuda’s debt-to-GDP ratio has fallen to 62%, calling it a significant milestone in the country’s financial management.
Speaking on Pointe FM, Browne said the reduction reflects his administration’s commitment to fiscal responsibility. He noted that when his government took office, the debt level was over 100% of GDP, with unrecorded liabilities pushing the figure even higher.
“At one point, we were looking at a debt-to-GDP ratio of about 140% when you included obligations that weren’t even booked. Now, we’ve brought it down to 62%, which is a major achievement,” Browne stated.
The prime minister credited economic growth, disciplined spending, and strategic debt repayments for the improvement. He also pointed to efforts to negotiate favorable terms with creditors while ensuring the country meets its obligations.
Antigua and Barbuda’s debt reduction comes amid wider regional concerns about fiscal stability, with several Caribbean nations struggling with high debt burdens. The government has pledged to maintain policies that will further lower the debt ratio while continuing investment in infrastructure and social programs.
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With this favourable monetary news on this administration’s so-called “fiscal” management, here’s a heartfelt plea to the supporters of the ABLP and Gaston Browne.
Hardworking Antiguans have heard this time and time again – since Browne came into office -, about how Debt-to-GDP is continually improving.
IMPROVING WHAT??? WE HAVE EYES …
Especially when we look around the country (especially the ongoing eyesore which is St John’s); check our salaries, pensions and overdue payments/overtime, this financial growth and fiscal nonsense that the Prime Minister conveniently mentions, just doesn’t ring true.
It’s now incumbent for ABLP supporters to call him out and hold him to account, so the country can at last witness with their own eyes, and not any more of his verbal garbage and habitual RECIDIVISM, that crops up to insult our intelligence.
For the love of Antigua & Barbuda, and PATRIOTISM please call this PM out now – because talk is cheap!
Over to you ABLP supporters …
Lester Bird had the same problem this Gaston Browne administration has. Lester used to say, we do not have an economic problem, we have a fiscal problem. And time and time again it has been shown, only under labour governments that we do have a fiscal problem. Under the UPP we had both a fiscal and an economic problem. The economy was doing bad. It had negative growth and the Kitty was empty, therefore they had no other choice but to reach out to the IMF. This administration is constantly cash strapped and because of the good economic situation they are able to borrow money short term. And no matter how some areas of cash collection have increased the fiscal hole is much too deep to fill it. There is no excess fund. We are living from hand to mouth. And filling one hole with another. It is time for us to stop this madness of financial engineering. If we do not find OIL we should not try to live large. We have a fylosophy not to introduce Personal Income tax. Which is the easiest form of taxation. But also the most agressive form. And yes it will keep many with less disposable income. But them we have to ensure that we do collect those taxes we have on the books. UBT Corporate Income Tax, Property Taxes and others we need to ensure we get maximum collection of them. And yes we do not carry an accounts receivable module to know excatly who has not paid their taxes. But perhaps we need to have some sort of receivable listing of that. property tax is one such database that can tell us which property tax is been paid for. And annual billings need to go out to everyone. And we need an agressive collection machinery. And finally, we need to stop those inspectors at IRD from moonlighting. Especially where there is a conflict of interest. Many small buisinesses claiming they cannot afford an accountant go to these officers and they will prepare their statement for them and than turn around and approve it at IRD. Giving them low taxes to pay. I had a client, a construction worker who hire me to prepare five years of tax return for him. By the time I reach one year work he called me a say he doesn’t need me to do the work anymore. When I ask why, he said someone at IRD helped him and he only had to pay fifteen thousand. That is a far cry from what he had to pay me and what he had to pay IRD. He never disclosed what he had to pay the officer at IRD, but I can guess. And this happens all the time. It’s the same thing we saw happening at the MBS Iquiry where the Auditor was moonlighting. Corruption is not only at the top, but it triggers down to the buttom of the line. The PM should focus on improving tax collection. That is what the IMF has been telling us for years. But it seems that their is no political will to disturb the entire system of corruoption. And the sad things is the very same same people will complain about government not having enough money to pay them. Or that their salary is not enough.
WONDERFUL NEWS!
For so may years, it was over 100%. Kudos to the government on this.
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