Prime Minister Gaston Browne says Antigua and Barbuda has reduced its debt-to-GDP ratio to about 62 percent, crediting sustained economic growth and fiscal discipline for bringing the country close to the international benchmark of 60 percent.

Speaking on the Browne and Browne Show on Saturday, Browne said the government’s strong revenue performance and prudent financial management have strengthened the country’s fiscal position.

“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.

He contrasted his administration’s fiscal record with that of the previous United Progressive Party administration, noting that the national debt stood at approximately EC$3.8 billion when his government took office in 2014.

“During the tenure period of the UPP, the national debt… moved from EC$2 billion to EC$3.8 billion,” Browne said.

According to the prime minister, Antigua and Barbuda’s national debt is now about EC$4 billion, an increase of roughly EC$200 million over nearly 12 years. However, he said the country’s expanding economy has significantly reduced the debt burden relative to gross domestic product.

Browne also said the government assumed approximately EC$300 million in liabilities to reimburse depositors following the collapse of ABI Bank, arguing that without that obligation the country’s debt would be lower than the level inherited by his administration.

“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 said the figures demonstrate what he described as responsible fiscal management by his administration.

“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 said continued economic growth, improved tax collections and careful debt management have positioned the government to continue investing in national development while reducing the country’s debt burden.

This article was originally published by Antigua News Room. Read the original article here: Antigua and Barbuda's Debt-to-GDP Ratio Falls to 62%.