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Antigua projects fiscal deficit of US$100 million

Published:Tuesday | September 30, 2014 | 9:09 AM

The Antigua and Barbuda government is projecting a fiscal deficit of more than US$100 million for this year.



Addressing a town hall meeting over the weekend, Prime Minister Gaston Browne said the deficit of about US$130 million is due to overspending by the previous administration.



During the presentation of the last fiscal package, the former Baldwin Spencer Government had projected a surplus of EC$10 million for 2014.



However, Prime Minister Browne told Antigua and Barbuda nationals at a town hall meeting in New York that the country’s borrowing surpasses what it earns annually.



He said based on the debt that has been built up the government has estimated that the country’s debt to gross domestic product is in the region of 125 to 130 per cent.



The Prime Minister said that the figure is extremely high when compared to the global benchmark estimated at no more than 60 per cent.



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