The government has fully repaid the US$20 million loan used to finance the Sir Lester Bird Medical Centre, with the final payment made within the past six months, Director General of Communications Maurice Merchant said Thursday.
Merchant disclosed the information during the question-and-answer segment of the weekly post-Cabinet media briefing, providing additional details following Cabinet’s announcement that Antigua and Barbuda had significantly reduced its outstanding debt to the People’s Republic of China.
Responding to questions from journalists, Merchant confirmed that the loan associated with the country’s principal public hospital has now been completely liquidated.
“The loan associated with the Sir Lester Bird Medical Centre has been fully liquidated,” Merchant said during his opening presentation, describing the repayment as another milestone in the government’s debt reduction programme.
When asked for further details, Merchant said the original loan amounted to US$20 million.
“US$20 million for the Mount St. John Medical Centre,” he said in response to a question on the size of the loan.
Asked when the debt was repaid, Merchant said the final payment was made recently.
“Most recent, within the past six months,” he told reporters.
The repayment forms part of a broader reduction in Antigua and Barbuda’s debt obligations to China.
Earlier in the briefing, Merchant said Cabinet had been advised that the government reduced its outstanding Chinese-funded loan obligations from more than US$300 million to approximately US$120 million through what officials described as prudent fiscal management, sustained economic growth, improved revenue performance and a disciplined approach to meeting financial obligations.
Merchant said the original Chinese loan portfolio financed several major infrastructure projects, including the redevelopment of VC Bird International Airport, the fifth berth and port redevelopment project, the Sir Lester Bird Medical Centre and the Wadadli Power Plant.
He said Cabinet viewed the repayment of the hospital loan as a significant achievement in the government’s broader debt management strategy.
According to Merchant, ministers were advised that the reduction in external debt has strengthened Antigua and Barbuda’s fiscal resilience, created greater room for investment in national development priorities and improved the country’s overall macroeconomic position.
This article was originally published by Antigua News Room. Read the original article here: Sir Lester Bird Medical Centre Chinese Loan Fully Repaid Within Past Six Months.