Senator Dwayne George has affirmed that Antigua and Barbuda’s debt situation remains stable and is poised for improvement, despite ongoing global and climate-related challenges. During an appearance on ABS’s ‘Government in Motion,’ George revealed that the country’s debt-to-GDP ratio currently stands at approximately 62 percent, with projections indicating a slight decline to around 60 percent by 2035. ‘Our debt-to-GDP is about 62 percent, and by 2035 we will be at about 60 percent,’ George stated optimistically. ‘That’s lovely. We’re doing quite fine.’
The government services approximately $65 million in debt each month, with total monthly financial obligations reaching roughly $89 million. However, George emphasized that the overall financial outlook remains manageable. This is largely due to the administration’s strategic shift from short-term borrowing to securing longer-term, lower-interest financing. ‘We want cheaper financing and long-term financing because that helps ease the pressure,’ he explained.
George’s remarks were made in the context of recent discussions with officials from the International Monetary Fund (IMF) and the World Bank. During these engagements, Antigua and Barbuda, alongside other small states, highlighted the economic strain caused by frequent external shocks. These conversations underscored the urgent need for better-structured funding mechanisms that acknowledge the unique vulnerabilities of small island economies. ‘We are exposed to shocks almost every cycle,’ George noted. ‘It’s why we continue to argue for concessional financing and mechanisms that recognise our realities.’