The government used Tuesday’s Throne Speech to praise Prime Minister Gaston Browne’s decision to reject a second International Monetary Fund programme after taking office in 2014, describing the move as a defining moment in Antigua and Barbuda’s economic recovery.
Governor-General Sir Rodney Williams said the Browne administration instead chose to fully repay an outstanding EC$320 million debt to the IMF within four years, a decision the government framed as evidence of strong leadership and fiscal management.
“One of the most challenging moments faced by the new Finance Minister was to extricate the State from the grip of the International Monetary Fund,” Sir Rodney said during the ceremonial opening of Parliament.
According to the speech, an IMF representative approached the newly elected government shortly after the June 2014 general election seeking repayment on a loan that had fallen into default.
The Governor-General said the government requested a moratorium but was instead offered a second IMF programme.
“The wisdom of a former banker allowed the new Minister of Finance to reject the offer and, instead, to arrange to pay the loan off in full,” Sir Rodney said.
The speech stated that by 2018 the administration had fully repaid the EC$320 million debt owed to the IMF.
“In four years, or by 2018, my Government repaid EC$320 million dollars in full to the IMF,” the Governor-General said.
The address portrayed the decision as part of the administration’s broader vision of transforming Antigua and Barbuda into what it repeatedly described as an “economic powerhouse” and “lifestyle superpower.”
“That decision has marked the ambition of my Government to create an economic powerhouse and to build a lifestyle superpower for its citizens and residents,” Sir Rodney said.
The Throne Speech repeatedly credited leadership within the government for the country’s economic direction since 2014, arguing that governance over the past 12 years had been shaped by “superb leadership.”
The remarks formed part of the conclusion of the Throne Speech, which outlined the government’s agenda for the new parliamentary term following the Antigua and Barbuda Labour Party’s fourth consecutive election victory on April 30.