Prime Minister Gaston Browne Highlights Remarkable Reduction in Debt to GDP Ratio in 2024 Budget Address

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n his address to the parliament on the 2024 budget, Prime Minister Gaston Browne highlighted the significant achievement of stabilizing the public sector debt at the 2022 level of $3.8 billion. A notable accomplishment was the reduction in the debt to GDP ratio from 75% in 2022 to 66% in 2023, bringing Antigua and Barbuda closer to the ECCU benchmark of 60% by 2035.

The Prime Minister emphasized that this reduction in the debt to GDP ratio was indicative of responsible financial management and a departure from reckless borrowing practices. He attributed the country’s impressive economic growth to both domestic and foreign investments, signaling a shift toward a sustainable and resilient economic model.

While acknowledging the positive strides made, Prime Minister Browne also addressed the challenges posed by the debt service requirement. Total debt service payments for 2023 were projected to amount to $638.5 million. The breakdown of the $3.8 billion debt revealed that Central Government debt stood at $3.2 billion, with Government guaranteed debt at $600 million. More than half of the total debt stock was domestic, including $800 million from banks and over $200 million in RGSM securities.

Maintaining a focus on debt management, the Prime Minister highlighted the government’s commitment to meeting obligations to investors in treasury bills and bonds. He acknowledged the crucial roles played by the Eastern Caribbean Central Bank (ECCB) and the Eastern Caribbean Securities Exchange in preserving the country’s securities program despite global economic challenges.

Looking ahead to 2024, the Debt Management Unit (DMU) was poised to enhance resource mobilization with a specific emphasis on climate interventions and debt-for-climate swap initiatives. This strategic move aimed to accelerate climate-related targets while maintaining prudent debt levels. Additionally, the DMU planned to diversify its investor base, inviting citizens to contribute to national development while potentially earning attractive returns on their investments.

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6 COMMENTS

  1. Well sir, let’s see the benefits, socially and economically for the country then!!!

    Talk is cheeeeeap!

    WHAT AH PARAKEET 🦜

  2. @ BRIXTONIAN

    You started to sound like a fool. If you listen to the Hon. Gaston Browne you will gain some sense and you IQ will increase. Why don’t you teach your opposition Leader how to read a budget statement. He is a disgrace to the world. Can’t wait for tomorrow to hear how Jamale Pringle will embarrass Antiguans and Barbudans. Brixtonian you are a Clown.

    • @ GILES, let me correct you once again.

      THERE’S NO “HONOUR” AMONG THIEVES …

      Btw foolish man, how can Jamale Pringle be a “disgrace to the world[?]”, as you put it, when he won’t be governing this beautiful country 🇦🇬 until 2028 (if not before)?

      Now who’s the damn SBLP clown 🤡 GILES?

      GO KISS 💋 GASSSSSTON 🥸 BA%#S@DE, THEN GO SIT DONG …

  3. @Giles, the budget is 8 inches thick. This failed experiment wants to give the opposition 1 day to check the validity and accuracy of so called “budget” which has enough holes to drive a bulldozer through. Why the rush if the document is accurate?
    This was no budget. Not only was it a replica of the past several years, there was nothing in it for the citizens. It was Gassy Browne grandstanding and blaming Covid-19 and UPP for his mismanagement of 11 billion dollars.
    @Brix,is it not possible that @Giles is an anagram for Gassy? The only idiot who can’t take criticism and opposing views before reverting to name calling.

    • @Watching – you do know most of the info in said documents are from prior years? Richard Lewis due to rhe opposition leader’s {Pringle) fear of ABS, when interviewed, said that much of what was said is not new. Since the opposition believes this, what then do they need to go over? With the exception of Trevor Walker, the truth is none of the opposition members have the skills to debate the budget

  4. Who cares about debt to GDP ratio? Tell us how you have reduced the country’s debts. Your budget has no surplus to service the debts. You will most likely have to borrow to do this. So please stop sounding like Antigua is on a better financial footing than last year. Just as bad or even worse.

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