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The Antiguan Government is planning to restructure the country’s debt portfolio through a major bond issuance expected within the next three months.
Prime Minister Gaston Browne announced the administration is floating a bond worth between US$250 million and US$300 million to address high-interest domestic debts.
The bond money will replace high-interest local loans with cheaper financing and provide cash payments to local creditors.
The government is also negotiating with international creditors to resolve several long-standing debt issues that remain on the books for decades.
Among the debts being addressed is a Brazilian loan that originated at $5 million in the 1980s but has grown to $44 million due to accumulated interest and penalties over the years.
The PM said he wrote to Brazilian President Luiz Inácio Lula da Silva seeking a write-off of the interest and penalties.