The high public debt burden poses ongoing challenges.
The public debt to GDP ratio has declined from its pandemic high, from around 100 percent in 2020 to an estimated 76 percent in 2023, reflecting the economic recovery and an upward revision to nominal GDP from a rebasing of the national accounts statistics.
However, cash constraints continue to bind, and domestic and external arrears are substantial.
Fiscal adjustment is needed to create space to clear arrears and prevent their reemergence.
The timely completion of the authorities’ validation of domestic arrears, development of a comprehensive arrears clearance strategy, and close engagement with creditors and domestic suppliers, will be essential for restoring debt sustainability.
An International Monetary Fund (IMF) team, led by Mr. David Moore, visited Antigua and Barbuda during June 17–21, 2024, and met with government officials and other stakeholders to discuss recent economic developments, the economic outlook, and policy priorities.
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