Government Receives First $7M Under $167M Financing Arrangement

The Antigua and Barbuda government has received the first $7 million from a financing arrangement that Prime Minister Gaston Browne says will ultimately total $167 million. Browne announced on Saturday that the payment forms part of a $20 million advance being provided through a consortium of banks led by ACB Caribbean. The remaining $13 million is expected to be disbursed this week. The Prime Minister explained that the $20 million advance is part of an $87 million bridging facility. Of that amount, $67 million is being used to settle existing government debt owed to FDC, while the remaining $20 million represents new funds available to the government. According to Browne, the $7 million received last Thursday is the first portion of that $20 million, with the balance expected shortly. A further $80 million is expected once the broader loan arrangement is finalized. Browne said those funds could be released in stages as they are needed. When combined, the $87 million bridging facility and the additional $80 million would bring the overall financing arrangement to $167 million. However, not all of that amount represents new money available for government spending. With $67 million being used to cover the existing FDC obligation, the government is expected to have access to $100 million in new financing — the initial $20 million advance and the additional $80 million. The structure of the arrangement became a point of discussion during a recent parliamentary debate, when Opposition Leader Jamale Pringle questioned how much of the initial financing would actually be available to the government. Pringle noted that with $67 million of the $87 million allocated to existing debt, only $20 million from the initial facility represented funds immediately available to the government. Browne did not dispute that breakdown but stressed that the $87 million represents the bridging stage of a larger financing arrangement. With the first $7 million now received, the government is awaiting the remaining $13 million from the initial advance before the additional $80 million becomes available under the wider facility.