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Antigua and Barbuda - Economic memorandum (English)

Economic growth in Antigua rose to three percent in 1982 because of an increase in stayover visitors. Public sector finances deteriorated as the government accumulated arrears. Antigua's balance of payments position improved because of lower capital and manufactured goods imports and higher tourism and manufactured exports receipts. The government's development strategy is to diversify the economy, but expansion in agriculture and manufacturing would require several policy changes. The critical infrastructure need is better utilization and maintenance of existing water supply and treatment facilities. An engineering study for a hotel complex accounted for over half of outlays on public capital projects in 1982. However, the size, timing, and financing of the project is uncertain and its implementation may strain absorptive capacity and raise questions about creditworthiness. The priority for Antigua is to improve its credit rating by rescheduling arrears on external debt payments, paying them off, and in the meantime, curtailing commercial borrowing.

Details

  • Document Date

    1984/01/31

  • Document Type

    Pre-2003 Economic or Sector Report

  • Report Number

    4695

  • Volume No

    1

  • Total Volume(s)

    1

  • Country

    Antigua and Barbuda,

  • Region

    Latin America & Caribbean,

  • Disclosure Date

    2010/06/12

  • Disclosure Status

    Disclosed

  • Doc Name

    Antigua and Barbuda - Economic memorandum

  • Keywords

    Incremental Capital-Output Ratio;public sector investment program;balance of payment;public sector saving;population per hospital bed;foreign currency deposit accounts;market rate of interest;balance on current account;external public debt;food and agricultural;access to safe water;balance of payment data;water supply and sewerage;current account deficit;current expenditure;net debt outstanding;consumer price index;increase in consumption;Public Sector Enterprises;Supply of Water;public sector finance;net domestic credit;gross national saving;east caribbean dollar;public sector wage;public sector employment;debt service ratio;foreign interest rate;international reserve position;external debt situation;savings and investment;accumulation of arrears;small island economies;land use plan;commercial banking system;capital goods import;basis of information;adult literacy rate;higher interest rate;nominal interest rate;durable consumer good;lack of land;import duty exemption;personal income tax;private sector wage;speed of delivery;net foreign asset;central government deficit;wages and salary;real economic growth;rise in consumption;domestic banking system;debt service payment;real interest rate;ratio of debt;external debt service;lack of control;debt service obligation;cargo handling equipment;domestic value added;land tenure system;transmission and distribution;external debt obligation;external debt management;ground water development;distribution and transmission;Access to Electricity;rate of inflation;distribution of land;external debt payment;population per physician;degree of confidence;amount of land;market interest rate;international capital market;fruit and vegetable;intensive livestock production;high unemployment rate;current account balance;land use planning;department of agriculture;gnp per capita;land use system;primary school enrollment;tourism;domestic export;capital expenditure;commercial term;manufactured goods;manufactured export;port authority;tax effort;merchandise export;tourism sector;local market;tourist arrival;engineering study;merchandise import;import license;economic infrastructure;domestic saving;wholesale price;commercial borrowing;agricultural sector;price control;water resource;real growth;inflation rate;real gdp;social infrastructure;investment choice;liveweight price;agricultural production;local demand;foreign borrowing;fiscal performance;real wage;working capital;inflationary pressure;absorptive capacity;critical infrastructure;industrial country;loan proceeds;oil refinery;airport terminal;public saving;consumption tax;fiscal situation;lease agreement;agricultural output;labor shortage;food import;land evaluation;deposit liabilities;trade datum;offshore banking;foreign position;credit facilities;credit creation;fuel import;foreign indebtedness;irrigation technique;average wage;plant material;farm sector;personal loan;grain sector;petroleum product;land purchase;specific issue;territorial water;fresh fish;external financing;extension service;capital outflow;import increase;manufactured imports;regional distributor;transport equipment;agricultural planning;tourist season;retail price;dry season;dry goods;market opportunity;guaranteed debt;essential commodities;import payments;tax arrears;profit margin;export earning;export earnings;high wage;manufacturing sector;credit access;government expenditure;water availability;agricultural input;investment accounting;keeping cattle;agricultural lease;administrative measure;Fiscal policies;legal basis;small parcel;hotel owners;external arrears;red tape;lease term;external assistance;primary source;international borrowing;tax liability;domestic supplier;commercial loan;export insurance;tourist visitor;principal payment;previous work;manufacturing enterprise;housing loan;goat meat;concessional term;external resource;adequate security;private individuals;agricultural commodity;small-scale farmer;land utilization;marginal increase;foreign liability

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Citation

Antigua and Barbuda - Economic memorandum (English). Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/880691468194065063/Antigua-and-Barbuda-Economic-memorandum