Prime Minister Gaston Browne presented the 2025 Budget Statement on Thursday, themed “Creating a Resilient, Harmonious, and Prosperous Nation.”
He highlighted that Antigua and Barbuda has experienced remarkable growth, with a projected real GDP increase of at least 6% in 2024, far exceeding the IMF’s global growth forecast of 3.2%. Browne noted that this growth rate surpasses that of major economies like the U.S., the Euro area, and the U.K., attributing this success to effective economic management and the resilience of the nation’s citizens. Over the last three years, the average annual growth has been 7.4%, second only to Guyana in the region due to its oil and gas developments.
The Prime Minister confirmed that public servants would receive an additional salary payment in December 2024, reversing a previous announcement to delay this until January 2025. This decision underscores the government’s commitment to public sector employees. Additionally, negotiations for salary increases concluded in late 2023, with retroactive payments planned to be processed swiftly.
Browne also announced an increase in the minimum Social Security pension from $350 to $500 starting in 2025, aiming to enhance the living standards of retirees, supported by a robust financial position of the Social Security Board.
To address labor shortages in the construction sector, which contributed $900 million to the economy in 2024, Browne announced a policy to waive work permits for skilled workers from outside the region. This measure is expected to speed up development projects and facilitate knowledge transfer to local workers.
Moreover, Browne urged commercial banks to expand mortgage lending, emphasizing the need for broader access to homeownership. The government will collaborate with the State Insurance Corporation to offer mortgage indemnities, reducing risks for lenders and lowering equity requirements for borrowers.
The 2025 fiscal budget totals EC$2.001 billion, with significant allocations for development and recurrent expenditures across various ministries.
Key allocations include EC$267.3 million for the Ministry of Works, EC$193.1 million for Education and Sports, and EC$127.3 million for Health, Wellness, and the Environment. A substantial portion, EC$798.1 million, is designated for public debt servicing.
This budget reflects the government’s strategy to foster economic resilience, support social welfare, and promote sustainable development.
Detailed discussions on each ministry’s projects are anticipated in upcoming parliamentary sessions, promising a year of growth and stability for Antigua and Barbuda.
Recurrent and Development Expenditures (EC$):
- Office of the Governor-General: 2,077,293 (Recurrent) + 59,700 (Development) = 2,136,993
- Legislature: 3,039,338 + 17,000 = 3,056,338
- Cabinet: 4,259,459 (Recurrent only)
- Judicial: 3,287,114 (Recurrent only)
- Service Commissions: 994,578 (Recurrent only)
- Audit: 1,443,667 + 34,215 = 1,477,882
- Pension and Gratuities: 76,053,600 (Recurrent only)
- Public Debt Servicing: 798,139,093 (Recurrent only)
- Electoral Commission: 6,168,927 + 175,000 = 6,343,927
- Office of the Prime Minister and Prime Minister’s Ministry: 47,719,808 + 7,070,792 = 54,790,600
- Ministry of Finance, Corporate Governance, and Public-Private Partnerships: 138,608,788 + 6,808,769 = 145,417,557
- Ministry of Foreign Affairs, International Trade, and Barbuda Affairs: 32,650,061 + 7,384,775 = 40,034,836
- Ministry of Lands, Surveys, and Blue Economy: 8,712,483 + 4,051,701 = 12,764,184
- Ministry of Agriculture, Fisheries, and Veterinary Services: 21,259,184 + 1,988,696 = 23,247,880
- Ministry of Creative Industries and Innovations: 14,705,848 + 326,601 = 15,032,449
- Ministry of Education and Sports: 174,280,658 + 18,859,060 = 193,139,718
- Ministry of Health, Wellness, and the Environment: 123,955,405 + 3,295,225 = 127,250,630
- Ministry of Social Transformation, Human Resource Development, and Blue Economy: 32,734,637 + 867,000 = 33,601,637
- Ministry of Energy, Civil Aviation, and Transportation: 11,168,918 + 2,278,500 = 13,447,418
- Ministry of Tourism and Economic Development: 25,279,810 + 118,793 = 25,398,603
- Ministry of Works: 108,693,860 + 158,585,995 = 267,279,855
- Attorney General’s Office and Ministry of Legal Affairs, Public Safety, Immigration, and Labour: 118,166,744 + 13,895,615 = 132,062,359
- Office of the Ombudsman: 448,618 (Recurrent only)
- Ministry of Information, Communication Technologies, Utilities, and Energy: 16,014,818 + 5,944,359 = 21,959,177
Total Allocations:
- Recurrent Expenditure: EC$1,769,862,709
- Development Expenditure: EC$231,761,796
- Grand Total: EC$2,001,624,505
