ECCB Urges Gov’t To Make More Reductions To National Debt

The Eastern Caribbean Central Bank is urging the government to make more reductions to its national debt in 2017.

Governor of the Central Bank, Timothy Antoine, says until the debt to GDP ratio is reduced to 60 per cent, Antigua and Barbuda’s economy will not be able to cope with a shock.

 

Antoine says this was seen in the Eastern Caribbean Currency Union after the 2008 financial crisis, and he says ECCU countries took longer than they should have to recover.

In his 2017 budget address the Prime Minister, and minister of finance Gaston Browne said at the end of 2016, the Debt to GDP ratio was 76 percent.

He added that at the end of this year the government projected that it would have declined to 74 percent.

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