Antigua and Barbuda's Debt-to-GDP Ratio Drops to 62%, PM Browne Reports

Prime Minister Gaston Browne has announced that Antigua and Barbuda's debt-to-GDP ratio has fallen to approximately 62 percent, placing the country within striking distance of the internationally recognised benchmark of 60 percent. According to Antigua News Room, Browne credited sustained economic growth and fiscal discipline for the improvement in the country's financial position.

Speaking on the Browne and Browne Show on Saturday, the Prime Minister pointed to strong government revenue performance and prudent financial management as key drivers of the country's stronger fiscal standing.

"We are projecting a surplus of about a quarter of a billion dollars, and the debt-to-GDP is falling down to about 62 percent," Browne said.

Browne contrasted his administration's fiscal record with that of the previous United Progressive Party government, noting that the national debt stood at approximately EC$3.8 billion when his administration took office in 2014. "During the tenure period of the UPP, the national debt moved from EC$2 billion to EC$3.8 billion," he said.

The Prime Minister acknowledged that the national debt currently stands at around EC$4 billion — an increase of roughly EC$200 million over nearly 12 years in office. However, he argued that the country's expanding economy has substantially reduced the debt burden relative to gross domestic product.

Browne also noted that his government assumed approximately EC$300 million in liabilities to reimburse depositors following the collapse of ABI Bank. He contended that, absent that obligation, the country's debt would actually be lower than the level his administration inherited.

"If we didn't have to pay that EC$300 million to depositors, the debt today would be EC$3.7 billion — less than the EC$3.8 billion that we inherited," he said.

The Prime Minister maintained that the figures reflect a strong record of fiscal stewardship. "When it comes to fiscal responsibility, I can say here without any fear of contradiction that my administration has been the most fiscally responsible administration that this country has ever seen," Browne said.

Browne added that continued economic growth, improved tax collections, and careful debt management have positioned the government to keep investing in national development while further reducing the country's overall debt burden.