The government used Tuesday’s Throne Speech to praise Prime Minister Gaston Browne’s decision to reject a second International Monetary Fund programme after taking office in 2014, describing the move as a defining moment in Antigua and Barbuda’s economic recovery.
Governor-General Sir Rodney Williams said the Browne administration instead chose to fully repay an outstanding EC$320 million debt to the IMF within four years, a decision the government framed as evidence of strong leadership and fiscal management.
“One of the most challenging moments faced by the new Finance Minister was to extricate the State from the grip of the International Monetary Fund,” Sir Rodney said during the ceremonial opening of Parliament.
According to the speech, an IMF representative approached the newly elected government shortly after the June 2014 general election seeking repayment on a loan that had fallen into default.
The Governor-General said the government requested a moratorium but was instead offered a second IMF programme.
“The wisdom of a former banker allowed the new Minister of Finance to reject the offer and, instead, to arrange to pay the loan off in full,” Sir Rodney said.
The speech stated that by 2018 the administration had fully repaid the EC$320 million debt owed to the IMF.
“In four years, or by 2018, my Government repaid EC$320 million dollars in full to the IMF,” the Governor-General said.
The address portrayed the decision as part of the administration’s broader vision of transforming Antigua and Barbuda into what it repeatedly described as an “economic powerhouse” and “lifestyle superpower.”
“That decision has marked the ambition of my Government to create an economic powerhouse and to build a lifestyle superpower for its citizens and residents,” Sir Rodney said.
The Throne Speech repeatedly credited leadership within the government for the country’s economic direction since 2014, arguing that governance over the past 12 years had been shaped by “superb leadership.”
The remarks formed part of the conclusion of the Throne Speech, which outlined the government’s agenda for the new parliamentary term following the Antigua and Barbuda Labour Party’s fourth consecutive election victory on April 30.
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DEM CYANT RUN DI COUNTRY, SO WE LEAVE IT WITH LABOUR PARTY!!
You see spewing hate only gets you so far,,,Good governance is what matters, not mediocre or incompetent people looking for a “come up” and making a particular situation the scapegoat for their problems,,the proof is in the pudding and numbers don’t lie,,,,Who in fuh in
Wow wow wow Let us remember during the time we had the citerzen by investment program during that period we could afford to reject the organization program. Now let’s look ahead what is coming . The implementation of the Monroe Doctrine in the Western Hemisphere, No more Chinese, investment, No Cubans healthcare services agreement So we will take the IMF agreement by will or by force
Wow wow wow Let us remember during the time we had the citerzen by investment program during that period we could afford to reject the organization program. Now let’s look ahead what is coming . The implementation of the Monroe Doctrine in the Western Hemisphere, No more Chinese, investment, No Cubans healthcare services agreement So we will take the IMF agreement by will or by force
You guys need to look at what the IMF policies actually are before bashing them. Also, where did the money to repay the loan come from?
The wisdom of a former banker ought to address “Persistent arrears to the Paris Club creditors, CLICO/BAICO policyholders, LIAT (1974) LTD 100 percent workers severance and elevated gross financing needs are constraining access to longer-term financing and undermining debt sustainability,” the IMF Executive Board stated. Directors urged the government to develop “a credible and comprehensive strategy” to address arrears, expand financing options and create room for resilience-building investments.
The IMF also recommended further revenue mobilization measures to rebuild fiscal buffers and support the government’s fiscal objectives. Among its recommendations were broadening the tax base, reducing exemptions, restraining current expenditure and improving the targeting of social assistance programmes.
Directors additionally encouraged the authorities to strengthen fiscal institutions and improve oversight, transparency and reporting involving government finances and public enterprises.
The wisdom of a former banker GASTON BROWNE is managing the finances of Antigua and Barbuda similar to a PYRAMID scheme or Cheque kiting.Cheque Kiting is a form of bank check fraud where individuals exploit the float period between the time a check is written and when it clears the bank. This is done by writing a check for a value greater than the account balance and depositing it into a different account, creating the illusion of a valid balance. The fraudster then withdraws funds against this false balance, often continuing this process to withdraw cash or make purchases without having the actual funds. This illegal practice can lead to severe penalties, including imprisonment and fines.
RACKETEERING “ensnared the economy” of ANTIGUA and BARBUDA.
GASTON BROWNE has no intentions of complying to the IMF recommendations. All he is interested in is calling snap elections, buying votes to maintain political power similar to what PAPA DOC DUVALIER and BABY DOC did to HAITI.
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