Prime Minister Gaston Browne said Saturday that Antigua and Barbuda’s recent economic performance reflects genuine growth driven by investment and fiscal discipline, not borrowing, pointing to consecutive budget surpluses, falling public debt and a resilient banking sector.
Speaking on the Browne and Browne show, Browne said the International Monetary Fund has assessed the country’s performance over the last two fiscal years as strong, noting that the government posted both primary and overall budget surpluses. He explained that a primary surplus reflects revenues exceeding expenditure before interest payments, while an overall surplus shows that interest costs were also fully covered.
Browne said the country’s debt-to-GDP ratio has fallen sharply, declining from about 104 percent when his administration took office in 2014 to roughly 61 percent based on government figures. He said the IMF’s more conservative estimate places the ratio closer to the high 60s, but still represents a significant reduction.
He said the improvement contrasts with earlier periods when growth was often fuelled by borrowing, arguing that current expansion is being underpinned by sustained private-sector investment rather than debt accumulation.
The Prime Minister also highlighted the strength of the domestic banking sector, saying local banks have low delinquency levels of about 3 percent, below the international benchmark of 5 percent. He said banks remain liquid, though he believes there is room for more proactive lending to support diversification and private-sector expansion.
Browne said inflation has been trending downward and is now below 2 percent, adding that the broader economic trajectory has helped to stabilise public finances while supporting continued growth.
VIDEO
Prime Minister Gaston Browne says Antigua and Barbuda’s economy is growing on the back of fiscal discipline and investment, not borrowing. Citing IMF assessments, Browne points to consecutive budget surpluses, a sharp drop in public debt, and a strong banking sector as signs of sustained, genuine growth.
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Where is the official report? For years you have been pulling imaginary figures, like a magician, from your hat, while reality tells a different story. We know that you are very ‘skillful’ but you cannot be trusted so publish the source of your info and put the matter to rest.