Window Of Opportunity

In a recent address to the people who elected him to office approximately 100 days ago, the new Prime Minister of Antigua & Barbuda, the Honourable Gaston Browne, indicated that it is his intention of leading his country into becoming "an economic powerhouse" in the Caribbean.

Many will wish him well, but he is facing an uphill battle that no rhetoric can win.

The latest IMF mission to Antigua & Barbuda, this one led by Trevor Alleyne, found that

"Commercial banks continue to suffer from weak financial soundness indicators and ABI Bank, which was taken over the Eastern Caribbean Central Bank (ECCB) in 2011, is still awaiting resolution."

Mr. Alleyne also reported that "The fiscal position deteriorated under the expansionary stance in the run-up to the elections", adding that "scheduled external amortization has risen significantly this year to close to 3 percent of GDP from 1.2 percent in 2013, mainly due to repayment obligations to the Fund and Paris Club