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Antigua and Barbuda

Author(s):
International Monetary Fund
Published Date:
September 1996
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Antigua and Barbuda-Basic Data
Area442 sq. kilometers
Population and related vital statistics64.2
Population, 1995 (thousands)64.2
Average annual rate of growth of population in 1988-95 (percent)0.2
Population density (per sq. kilometer)145.2
Arable land (percent of land area)27.3
Life expectancy at birth (years)73
Infant mortality rate (per 1,000 live births)18.1
Nutrition
Per capita protein intake (grams per day)70.0
Health
Population per physician1,700
Population per hospital bed78
Population with access to health care (percent of total)100
Immunization of 1 year olds against infectious diseases (percent)73-94
Education
Adult literacy rate (percent)90
Primary school enrollment (percentage of children, 5-9 years old)87
GDP at market prices (1995 prel.)SDR 335.4 million
GDP per capita (1995 prel.)SDR 5,221.8
Prel.
Origin of GDP (in percent of GDP at factor cost)1995
Agriculture3.8
Manufacturing, mining and quarrying3.8
Hotels and restaurants12.0
Construction10.5
Transport and communications18.9
Government services19.1
Banks and insurance8.6
Trade10.5
Housing6.4
Electricity and water4.6
Other services1.9

Change in percent of liabilities to the private sector at the beginning of the period.

Including discrepancy between balance above the line and identified financing.

Excluding re-exports of petroleum products.

199119921993

(percent)
19941995
Ratios to GDP
Exports of goods and nonfactor services99.597.5106.1105.885.9
Of which: tourism receipts73.470.677.479.263.5
Imports of goods and nonfactor services102.096.9106.8104.4105.9
Current account of the balance of payments (including grants)-9.1-7.2-7.3-4.8-4.1
Public sector revenue and grants24.726.126.027.025.4
Public sector expenditure29.929.229.831.933.7
Public sector savings-3.0-3.1-2.3-1.4-4.0
Public investment3.50.92.43.94.7
Public sector overall surplus or deficit (-)-5.2-3.1-3.8-4.9-8.3
External public debt (end of year)82.280.577.377.883.0
Money and quasi-money (end of year)56.957.060.661.273.7
Gross national savings16.113.718.019.642.6
Gross domestic investment25.220.925.324.246.7
Annual changes in selected indicators
Real GDP at factor cost4.41.13.54.8-4.2
GDP at current market prices6.53.45.09.10.8
GDP deflator2.91.91.33.54.8
Real GDP per capita4.31.13.34.6-4.5
Consumer prices (annual average)5.73.03.13.52.9
Public sector revenue and grants-0.89.34.213.8-5.4
Public sector expenditure and net lending1.70.97.016.96.4
Monetary liabilities to the private sector14.93.811.510.221.3
Money7.68.72.912.533.2
Quasi-money17.42.214.59.517.7
Net domestic assets 1/0.23.57.43.611.8
Credit to the public sector (net) 1/-2.6-0.33.7-1.74.6
Credit to the private sector 1/7.96.15.81.213.1
Merchandise exports (in U.S. dollars)23.213.258.3-12.6-27.8
Merchandise imports (in U.S. dollars)-0.8-0.214.48.62.7
Public sector finances(millions of Eastern Caribbean dollars)
Revenue and grants280.6306.8320.5363.6343.8
Expenditure and net lending339.7342.7366.7428.9456.5
Current account balance (deficit -)-34.0-36.4-28.7-18.2-53.9
Overall balance (deficit -)-59.1-35.9-46.2-65.3-112.7
External financing (net)65.850.541.543.940.4
Domestic financing 2/-6.8-14.54.721.472.3
Balance of payments(millions of U.S. dollars)
Merchandise exports 3/17.419.731.227319.7
Merchandise imports347.7347.1397.14313443.0
Investment income (net)-13.1-14.0-14.1-14.6-9.9
Other services and transfers (net)295.8302.7337.83863295.7
Of which: tourism receipts308.7306.9353.5394.4318.9
Balance on current account (including grants)-38.3-31.5-33.2-24.0-20.5
Capital account-2.9-5.2-9.9-3.99.5
Official (net)-21.9-31.2-22.6-15.9-9.1
Banking system-25.512.6-15.4-13.9-14.4
Private direct investment44.513.428.125.930.6
Overall deficit (-)-41.2-36.7-43.1-27.9-10.9
Change in imputed reserves (increase -)-5.1-13.25.1-4.3-14.6
Change in arrears (net)46.349.937.932.225.7
IMF data as of May 31,1996
Article VIII status
Intervention currency and rateU.S. dollar at ECS2.70 per US$
QuotaSDR 8.5 million
Fund holdings of Eastern Caribbean dollarsSDR 8.5 million
Total Fund holdings100 percent of quota
Special Drawing Rights Department
Cumulative SDR allocationNone
Net acquisition or utilization of SDRsNone
Holdings of SDRsNone
Trust Fund loanNone
Shares of profits from gold salesNone

Change in percent of liabilities to the private sector at the beginning of the period.

Including discrepancy between balance above the line and identified financing.

Excluding re-exports of petroleum products.

Change in percent of liabilities to the private sector at the beginning of the period.

Including discrepancy between balance above the line and identified financing.

Excluding re-exports of petroleum products.

Table 1.Antigua and Barbuda: GDP by Sector of Origin at Current Prices
prel.prel.
19911992199319941995
(In millions of Eastern Caribbean dollars)
GDP at current market prices1,135.21,174.31,232.51345.01,355.2
Net indirect taxes166.0174.9184.3208.4213.9
GDP at factor cost969.2999.41,04831,136.51,141.2
Agriculture39.241.242.842.643.5
Crops12.612.713.111.812.4
Livestock8.89.49.69.910.4
Forestry0.90.90.90.90.9
Fisheries16.918.219.320.119.9
Mining and quarrying18.117.216.417.020.6
Manufacturing28.626.825.526.022.7
Construction109.5104.499.2106.3119.3
Electricity and water40.743.249.257.452.9
Transport and communication189.4198.6212.8228.9215.8
Road transport52.054.457.960.853.5
Sea transport18.118.018.418.918.9
Air transport48.651.157.764.054.0
Communication70.675.278.985.289.5
Trade93.997.5104.1112.5119.4
Hotels and restaurants122.8130.3143.3170.3136.4
Banks and insurance78.674.179.784.898.0
Housing73.577.279.481.873.5
Government services155.1166.3175.1185.6217.9
Other services63.768.875.280.981.2
less: imputed banking services43.646.354.457.759.7
(In percent of GDP at factor cost)
GDP at factor100.0100.0100.0100.0100.0
Agriculture4.04.14.13.73.8
Crops1.31.31.31.01.1
Livestock0.90.90.90.90.9
Forestry0.10.10.10.10.1
Fisheries1.71.81.81.81.7
Mining and quarrying1.91.71.61.51.8
Manufacturing2.92.72.42.32.0
Construction11.310.49.59.410.5
Electricity and water4.24.34.75.14.6
Transport and communication19.519.920.320.118.9
Road transport5.45.45.55.34.7
Sea transport1.91.81.81.71.7
Air transport5.05.15.55.64.7
Communication7.37.57.57.57.8
Trade9.79.89.99.910.5
Hotels and restaurants12.713.013.715.012.0
Banks and insurance8.17.47.67.58.6
Housing7.67.77.67.26.4
Government services16.016.616.716.319.1
Other services6.66.97.27.17.1
Less: imputed banking services4.54.65.25.15.2
Sources: Statistics Division, Ministry of Finance; OECS; and Fund staff estimates.
Sources: Statistics Division, Ministry of Finance; OECS; and Fund staff estimates.
Table 2.Antigua and Barbuda: GDP by Sector of Origin at Constant 1977 Prices
prel.prel.
19911992199319941995
(In millions of Eastern Caribbean dollars)
GDP at factor cost378.1382.4395.9414.9397.4
Agriculture13.614.114.514.413.6
Crops3.73.83.93.53.1
Livestock5.65.75.96.06.2
Forestry0.40.40.40.40.4
Fisheries3.94.14.44.54.0
Mining and quarrying8.68.27.88.19.5
Manufacturing16.815.815.015.313.2
Construction38.837.035.236.639.9
Electricity and water12.012.613.213.712.6
Transport and communication97.3100.7106.8113.9108.6
Road transport22.922.323.724.521.6
Sea transport7.57.57.77.97.6
Air transport21.021.524.226.221.3
Communication45.949.451.255.358.1
Trade32.632.633.735.136.7
Hotels and restaurants57.060.566.570.859.2
Banks and insurance27.026.127.429.031.9
Housing31.332.233.234.229.7
Government services34.033.234.135.236.4
Other services22.623.524.425.523.5
Less: imputed banking services13.414.116.017.017.4
(Annual percentage change)
GDP at factor cost4.41.13.54.8-4.2
Agriculture3.03.83.3-1.0-5.1
Crops4.04.92.9-11.9-10.1
Livestock2.22.51.92.62.5
Forestry-2.4-2.5-2.6-2.6
Fisheries4.05.16.14.1-11.7
Mining and quarrying3.0-4.5-5.04.017.0
Manufacturing-5.5-6.0-5.02.0-14.0
Construction8.4-4.6-5.04.09.0
Electricity and water6.25.05.13.8-8.0
Transport and communication9.33.56.16.6-4.7
Road transport1.9-2.36.03.5-12.0
Sea transport6.1-0.42.03.0-3.6
Air transport-2.92.312.98.0-18.5
Communication21.37.63.78.05.0
Trade1.93.64.04.5
Hotels and restaurants-0.16.110.06.5-16.4
Banks and insurance6.1-3.25.06.010.0
Housing3.03.02.93.0-13.0
Government services2.1-2.42.73.23.5
Other services4.14.04.04.5-8.0
Less: imputed banking services1.65.014.06.02.5
Sources: Statistics Division, Ministry of Finance; OECS; and Fund staff estimates.
Sources: Statistics Division, Ministry of Finance; OECS; and Fund staff estimates.
Table 3.Antigua and Barbuda: National Accounts by Expenditure at Current Prices
prel.prel.
19911992199319941995
(In millions of Eastern Caribbean dollars)
Gross domestic expenditure1,163.01,167.01,241.21,325.91,627.1
Consumption expenditure877.4921.2929.91,000.7994.8
Household sector659.0688.7681.5714.6703.6
General government218.4232.5248.4286.0291.2
Grass domestic investment285.6245.9311.4325.3632.3
Private sector246.2235.2282.0273.2568.4
Public sector39.410.729.452.163.9
Foreign balance-27.873-8.719.0-271.9
Exports of goods and nonfactor services1,129.71,144.71,307.81,422.81,163.7
Imports of goods and nonfactor services1,157.51,137.51,316.51,403.81,435.6
GDP at market prices1,135.21,174.31,232.51,345.01,3553
Net indirect taxes166.0174.91843208.4213.9
GDP at factor cost969.2999.41,04831,13631,1413
(In percent of GDP at market prices)
Gross domestic expenditure102.499.4100.798.6120.1
Consumption expenditure77.378.475.474.473.4
Household sector5S.158.655.353.151.9
General government19.219.820.121.321.5
Gross domestic investment25.220.925.324.346.7
Private sector21.720.022.920.341.9
Public sector3.50.92.43.94.7
Foreign balance-2.40.6-0.71.4-20.1
Exports of goods and nooiactor services99.597.5106.1105.885.9
Imports of goods and nonfactor services102.096.9106.8104.4105.9
GDP at market prices100.0100.0100.0100.0100.0
Net indirect taxes14.614.915.015.515.8
GDP at factor cost85.485.185.084.584.2
(Annual percentage change)
Gross domestic expenditure3.90.36.46.822.7
Consumption expenditure6.05.00.97.6-0.6
Household sector5.64.5-1.04.9-1.3
General government7.16.46.815.21.8
Gross domestic investment-2.1-13.926.64.594.4
Private sector-5.6-4.519.9-3.1108.1
Public sector28.4-72.9175.177.522.5
Foreign balance 1/2.53.1-1.42.2-21.6
Exports of goods and nonfactor services3.61.314.28.8-18.2
Imports of goods and nonfactor services1.2-1.715.76.62.3
GDP at market prices6.53.45.09.10.8
Net indirect taxes1.35.45.413.12.6
GDP at factor cost7.53.14.98.40.4
Sources: Tables 1, 10, and 22; and Fund staff estimates for household consumption and private sector investment.

Change in percent of GDP in preceding year.

Sources: Tables 1, 10, and 22; and Fund staff estimates for household consumption and private sector investment.

Change in percent of GDP in preceding year.

Table 4.Antigua and Barbuda: National Accounts by Expenditure at Constant 1985 Prices 1/
prel.Est.
19911992199319941995
(In millions of Eastern Caribbean dollars)
Gross domestic expenditure936.7922.7949.8971.41,108.5
Consumption expenditure721.0739.1721.9736.7667.2
Household sector549.0556.2536.0531.7469.8
General government172.0182.9185.9205.0197.3
Gross domestic investment215.7183.7227.9234.7441.4
Private sector185.9175.7206.4197.1396.8
Public sector29.78.021.537.644.6
Foreign balance-131.3-108.1-106.5-87.6-261.8
Exports of goods and nonfactor services768.6773.5897.9976.9811.8
Imports of goods and nonfactor services899.8881.61,004.31,064.51,073.6
GDP at market prices805.4814.68433883.8846.7
(Annual percentage change, unless otherwise indicated)
Gross domestic expenditure4.6-1.52.92.314.1
Consumption expenditure6.92.5-2.32.1-9.4
Household sector6.61.3-3.6-0.8-11.6
General government7.96.31.710.2-3.7
Gross domestic investment-2.5-14.824.13.088.1
Private sector-6.1-5.517.5-4.5101.3
Public sector27.8-73.2169.574.918.5
Foreign balance 2/-0.92.90.22.2-19.7
Exports of goods and nonfactor services2.60.716.18.8-16.9
Imports of goods and nonfactor services3.0-2.013.96.00.9
GDP at market prices4.41.13.54.8-4.2
Sources: Tables 2, 15, and 22; and Fund staff estimates.

Household expenditure calculated as a residual; government consumption deflated by import prices and government wage rates; exports deflated by an index of daily tourist expenditure; imports and investment deflated by export prices of Antigua and Barbuda’s trading partners weighted by imports of Antigua and Barbuda.

Change in percent of GDP in preceding year.

Sources: Tables 2, 15, and 22; and Fund staff estimates.

Household expenditure calculated as a residual; government consumption deflated by import prices and government wage rates; exports deflated by an index of daily tourist expenditure; imports and investment deflated by export prices of Antigua and Barbuda’s trading partners weighted by imports of Antigua and Barbuda.

Change in percent of GDP in preceding year.

Table 5.Antigua and Barbuda: Savings and Investment
prel.Est.
19911992199319941995
(In millions of Eastern Caribbean dollars)
Gross domestic savings182.2160.8221.8260.4576.9
Private Sector216.2197.3250.5278.6630.8
Public Sector-34.0-36.4-28.7-18.2-53.9
Foreign savings103.385.089.564.955.3
Total savings285.6245.9311.4325.3632.2
Gross domestic investment285.6245.9311.4325.3632.2
Private sector246.2235.2282.0273.2568.4
Public sector39.410.729.452.163.9
(In percent of GDP at market prices)
Gross domestic savings16.113.718.019.442.6
Private sector19.016.820.320.746.5
Public sector-3.0-3.1-2.3-1.4-4.0
Foreign savings9.17.27.34.84.1
Total savings25.220.925.324.246.7
Gross domestic investment25.220.925.324.246.7
Private sector21.720.022.920.341.9
Public sector3.50.92.43.94.7
Sources: Tables 3, 10, and 22.
Sources: Tables 3, 10, and 22.
Table 6.Antigua and Barbuda: Indicators of Construction Activity
prel.prel.Jan. -

Apr.
Jan. -

Apr.
1991199219931994199519951996
(In numbers, unless otherwise indicated)
Number of building applications1,027926795896819 1/300264 1/
New construction765705591658616
Extension9399658568
Other169122139153135
Estimated value of applications in millions of EC$)294272152209154 1/6169 1/
Total square footage approved (in thousands)1,8421,5911,1351,3781,213 1/
(Annual percentage change)
Number of building applications-7.4-9.8-14.112.7-8.6-12
New construction-2.9-7.8-16.211.3-6.4
Extension-24.46.5-34.330.8-20.0
Other-14.6-27.813.910.1-11.8
Estimated value of applications27.5-7.5-44.238.0-26.314
Total square footage approved4.0-13.6-28.721.4-12.0
Sources: Statistics Division, Ministry of Finance; and Development Control Authority.

Excluding repairs and reconstruction work associated with hurricane damages.

Sources: Statistics Division, Ministry of Finance; and Development Control Authority.

Excluding repairs and reconstruction work associated with hurricane damages.

Table 7.Antigua and Barbuda: Electricity Generation, Consumption, and Tariffs
prel.prel.
19911992199319941995
(In millions of Kilowatt-hours)
Units generated120.0116.2112.8117.5
Units consumed111.0106.4102.3105.797.3
(Annual percentage change)
Units generated18.8-3.2-2.94.2
Units consumed21.3-4.1-3.93.3-7.9
(In Eastern Caribbean dollars)
Domestic tariff
Rate per kwh0.40.40.40.40.4
Minimum charge per month8.08.025.025.025.0
Commercial tariff
Rate per kwh0.50.50.40.40.4
Minimum charge per month45.045.045.045.045.0
Industrial tariff
Rate per kwh0.50.50.40.40.4
Minimum charge per month45.045.045.045.045.0
Sources: Statistics Division, Ministry of Finance; and Antigua Public Utilities Authority.
Sources: Statistics Division, Ministry of Finance; and Antigua Public Utilities Authority.
Table 8.Antigua and Barbuda: Consumer Prices 1/(Annual percentage change)
Est.
1991 1/1992 2/1993 3/1994 4/1995 4/
I. End of Period
All items1.53.03.13.82.0
Food and beverages1.14.35.02.0
Clothing and accessories0.18.34.00.7
Housing2.40.35.0-0.3
Household operations and miscellaneous6.36.14.02.1
Medical care6.01.3
Transport0.0-0.71.7-1.2
Recreation8.31.6-15.9
Education2.73.49.8
Utilities-0.5
Alcoholic beverages and tobacco6.1
Other1.2-1.315.1
II. Period Average
All items5.73.03.13.52.9
Food and beverages6.34.73.5
Clothing and accessories-1.26.22.3
Housing1.92.72.3
Household operations and miscellaneous11.05.03.0
Medical care3.03.7
Transport6.50.50.2
Recreation4.90.8
Education3.16.6
Utilities14.8
Alcoholic beverages and tobacco3.3
Other6.9
Sources: Statistics Division, Ministry of Finance; and Fund staff estimates.

Based on unpublished consumer price index compiled by the Statistics Division, Ministry of Finance. The index was discontinued after December 1991 and was replaced by a revised index, beginning September 1993, that is based on methodology developed with the assistance of the Fund’s Statistics Department.

Fund staff estimate.

The 1993 end-of-period estimate is based on the annualization of the monthly average changes in the period October-December 1993.

End-of-period estimates are based on the percentage change in October-December from the corresponding period of the preceding year.

Sources: Statistics Division, Ministry of Finance; and Fund staff estimates.

Based on unpublished consumer price index compiled by the Statistics Division, Ministry of Finance. The index was discontinued after December 1991 and was replaced by a revised index, beginning September 1993, that is based on methodology developed with the assistance of the Fund’s Statistics Department.

Fund staff estimate.

The 1993 end-of-period estimate is based on the annualization of the monthly average changes in the period October-December 1993.

End-of-period estimates are based on the percentage change in October-December from the corresponding period of the preceding year.

Table 9.Antigua and Barbuda: Estimates of Population and Labor Force
prel.Est.
19911992199319941995
(In numbers)
Total midyear population63,89663,93964,04964,16664,361
Total births1,1781,2571,2531,2171,347
Total deaths412416434415431
Natural population increase766841819802916
Net immigration 1/-709-798-709-685-721
Net total population increase5743110117195
(Annual percentage change)
Crude birth rate1.82.02.01.92.1
Crude death rate0.60.70.70.60.7
Rate of natural increase1.21.31.31.21.4
Net immigration JV-1.1-1.2-1.1-1.1-1.1
Net total population increase0.10.10.20.20.3
(In numbers)
Total active labor force28,67128,87828,24728,49528,675
Antiguan active labor force 2/21,17521,18921,22621,26421,329
Total immigrants 3/7,4967,6897,0217,2317,346
(Annual percentage change)
Total active labor force1.00.7-2.20.90.6
Sources: Statistics Division, Ministry of Finance; and Fund staff estimates.

Calculated as a residual.

Assumed to be one third of Antigua and Barbuda’s population.

Based on work permits outstanding at the end of the year.

Sources: Statistics Division, Ministry of Finance; and Fund staff estimates.

Calculated as a residual.

Assumed to be one third of Antigua and Barbuda’s population.

Based on work permits outstanding at the end of the year.

Table 10.Antigua and Barbuda: Operations of Consolidated Public Sector
prel.
19911992199319941995
(In millions of Eastern Caribbean dollars)
Current revenue266.3295.6308.7358.5338.8
Of which: tax revenue192.9201.1211.4236.4246.1
Current non-interest expenditure218.4240.9250.2286.7301.1
Current primary balance47.954.758.571.837.6
Interest obligations81.991.187.190.091.5
Public savings-34.0-36.4-28.7-18.2-53.9
Capital revenue and grants14.311.211.85.05.0
Capital expenditure and net lending39.410.729.452.163.9
Of which: fixed capital formation39.410.325.942.150.3
Overall balance-59.1-35.9-46.2-653-112.7
Financing59.135.946.2653112.7
External65.850.541.543.951.1
Domestic-6.96.46.814.060.1
Residual financing 1/0.1-21.0-2.17.51.4
(In percent of GDP)
Current revenue23.525.225.026.725.0
Of which: tax revenue17.017.117.217.618.2
Current non-interest expenditure19.220.520.321.322.2
Current primary balance4.24.74.75.32.8
Interest obligations7.27.87.16.76.8
Public savings-3.0-3.1-2.3-1.4-4.0
Capital revenue and grants1.31.01.00.40.4
Capital expenditure and net lending3.50.92.43.94.7
Of which: fixed capital formation3.50.92.13.13.7
Overall balance-5.2-3.1-3.8-4.9-83
Financing5.23.13.84.983
External5.84.33.43.33.8
Net disbursements-5.2-7.2-4.9-3.2-1.7
Arrears11.011.58.36.55.5
Domestic-0.60.50.61.04.4
Residual financing 1/-1.8-0.20.60.1
Memorandum items
Public sector wages and salaries13.614.214.114.114.7
External debt service paid1.92.02.11.72.4
Public debt91.090.088.187.997.2
External82.280.577.377.883.0
Of which: in arrears50.557.761.066.273.7
Domestic8.89.510.810.014.2
Sources: Antiguan authorities; and Fund staff estimates.

Difference between deficit measured above the line, and identified financing.

Sources: Antiguan authorities; and Fund staff estimates.

Difference between deficit measured above the line, and identified financing.

Table 11.Antigua and Barbuda: Operations of General Government and Public Enterprises(In percent of GDP)
prel.
19911992199319941995
I. General Government
Total revalue and grants23.62S.424.925.325.3
Current revenue22.924.424.224.924.9
Capital revenue and grants0.71.00.70.40.4
Total expenditure and net lending24.823.525.328.228.0
Current expenditure21.922.623.224.324.4
Capital expenditure and net lending2.90.92.13.93.6
Of which: fixed capital formation2.90.91.83.12.6
Current account balance1.01.81.00.50.5
Overall balance-1.21.8-0.4-3.0-2.7
II. Nonfinancial Public Enterprises
Total revenue and grants10.910.811.911.39.4
Current revenue10.410.811.611.39.4
Capital revenue and grants0.60.3
Total expenditure14.915.715.213.215.0
Current expenditure14.415.715.013.213.9
Capital expenditure0.60.31.1
Of which: fixed capital formation0.60.31.1
Current account balance-4.0-4.9-3.3-1.9-4.5
Overall balance-4.0-4.9-3.3-1.9-5.6
Memorandum items
Operating surpluses0.60.80.91.80.1
Operating deficits (-)-0.7-0.2-0.1-0.7
Source: Table 15.
Source: Table 15.
Table 12.Antigua and Barbuda: Operations of the Central Government 1/
prel.
19911992199319941995
(In millions of Eastern Caribbean dollars)
Current revenue221.5241.4248.8278.8284.8
Of which: tax revenue192.9201.1211.4236.4246.1
Current non-interest expenditure200.9216.5228.0259.2265.0
Current primary balance20.524.920.819.619.7
Interest obligations32.035.139.443.740.9
Public savings-11.5-10.2-18.6-24.1-21.2
Capital revenue and grants8.011.28.75.04.8
Capital expenditure and net lending33.110.726.352.149.5
Overall balance-36.5-9.7-36.2-71.2-65.8
Financing36.59.736.271.265.8
External16.0-3.0-6.5-2.4-4.6
Domestic17.926.432.459.665.2
Residual financing 2/2.7-13.710.314.05.2
(In percent of GDP)
Current revenue19.520.620.220.721.0
Of which: tax revenue17.017.117.217.618.2
Current non-interest expenditure17.718.418.519.319.6
Current primary balance1.82.11.71.51.5
Interest obligations2.83.03.23.33.0
Public sayings-1.0-0.9-1.5-1.8-1.6
Capital revenue and grants0.71.00.70.40.4
Capital expenditure and net lending2.90.92.13.93.6
Overall balance-3.2-0.8-2.9-53-4.9
Financing320.82.95.34.9
External1.4-0.3-0.5-0.2-0.3
Net disbursements-2.0-2.0-1.7-1.2
Change in arrears1.41.81.41.60.8
Domestic1.62.22.64.44.8
Residual financing 2/0.2-1.20.81.00.4
Memorandum item
Government wages and salaries10.811.311.311.311.5
Source: Table 15.

Includes revenue from the education levy and expenditure by the Board of Education.

Difference between deficit measured above the line, and identified financing.

Source: Table 15.

Includes revenue from the education levy and expenditure by the Board of Education.

Difference between deficit measured above the line, and identified financing.

Table 13.Antigua and Barbuda: Central Government Revenue and Grants
prel.
19911992199319941995
(In millions of Eastern Caribbean dollars)
Total revenue and grants229.5252.6257.5283.9289.6
Current revenue221.5241.4248.8278.8284.8
Tax revenue192.9201.1211.4236.4246.1
Taxes on income23.723.523.925.328.3
Corporation tax22.622.322.323.418.1
Business tax1.01.21.31.61.4
Income tax0.10.20.2
Education levy8.7
Taxes on property3.22.73.22.73.9
Taxes on domestic production and consumption84.591.094.8105.2111.9
Consumption duties63.667.570.974.477.1
Restaurant sales tax1.12.0
Casino tax0.40.40.60.70.5
Telecommunications tax6.57.68.09.19.7
Stamp duties6.67.35.910.18.8
Business license1.1
Other7.48.29.49.812.8
Taxes on international transactions81.583.989.4103.2102.0
Import duty42.442.544.047.045.9
Customs surcharge2.02.12.12.30.3
Customs service charge8.08.38.815.319.6
Hotel accommodation tax3.33.74.44.84.3
Guest tax9.19.110.911.810.3
Hotel guest levy3.73.64.54.83.8
Travel tax2.02.32.12.72.4
Embarkation tax4.25.05.86.16.3
Foreign currency levy4.85.24.75.35.3
Cruise-ship passenger tax1.72.12.02.93.7
Other0.30.10.20.1
Nontax revenue28.640337.442538.7
ECCB profits4.14.14.24.24.4
Lease of bases6.96.96.96.96.9
Licenses and fees5.36.87.410.713.2
Post office revenue (net)0.20.91.20.9-0.4
Other12.121.617.819.814.7
Of which: West Indies Oil Company profits share10.84.94.13.0
Capital revenue4.43.52.42.84.2
Land sales4.43.52.42.84.2
Other
External grants3.67.76.32.20.6
(In percent of GDP)
Total revenue and grants20.221.520.921.121.4
Current revenue19.520.620.220.721.0
Tax revenue17.017.117.217.618.2
Taxes on income and property2.42.22.22.12.4
Taxes on domestic production and consumption7.47.77.77.88.3
Taxes on international transactions7.27.17.37.77.5
Nontax revenue2.53.43.03.22.9
Capital revenue and grants0.71.00.70.40.4
(Percentage change)
Total revenue and grants-2.710.11.910.22.0
Current revenue-0.99.03.112.12.1
Tax revenue-0.84.35.111.84.1
Nontax revenue-1.740.9-7.213.6-8.9
Capital revenue and grants-35.540.0-22.3-42.1-4.6
Sources: Ministry of Finance; and Fund staff estimates.
Sources: Ministry of Finance; and Fund staff estimates.
Table 14.Antigua and Barbuda: Central Government Expenditure
prel.
19911992199319941995
(In millions of Eastern Caribbean dollars)
Total expenditure and net lending266.02623293.7355.1355.4
Current expenditure232.9251.6267.4303.0305.9
Wages and salaries123.0132.3139.2152.2155.7
Established civil servants63.867.871.978.081.0
Nonestablished workers59.264.567.374.274.7
Social security contributions5.45.96.17.07.4
Payments in arrears5.45.96.17.07.4
Medical benefit contributions2.22.83.03.35.1
Payments in arrears2.22.83.03.35.1
Other goods and services 1/58.258.960.968.271.1
Cash payments58.258.960.968.271.1
Interest payments32.035.139.443.740.9
Domestic17.017.821.424.620.4
Cash payments10.513.116.010.212.1
Payments in arrears6.54.75.414.48.3
External15.017.418.019.220.5
Cash payments7.57.510.58.19.4
Payments in arrears7.59.97.511.011.1
Pensions and gratuities10.312.010.314.514.0
Transfers for job training0.26.86.9
Other transfers1.84.68.27.34.9
Private sector0.30.30.41.50.4
International0.73.36.54.72.9
Public sector0.81.01.31.11.6
Capital expenditure and net lending33.110.726352.149.5
Land purchases0.43.513.6
Fixed capital formation33.110.322.842.135.9
Externally financed26.18.36.34.57.3
Locally financed7.02.016.537.628.6
Net lending10.0
(In percent of GDP)
Total expenditure and net lending23.422323.826.426.2
Current expenditure20.521.421.722.522.6
Wages and salaries 2/11.512.012.012.112.4
Other goods and services5.15.04.95.15.2
Interest payments2.83.03.23.33.0
Transfers1.11.41.52.11.9
Capital expenditure and net lending2.90.92.13.93.6
Of which: fixed capital formation2.90.91.83.12.6
(Percentage change)
Total expenditure4.5-1.412.020.90.1
Current expenditure-0.98.06.313.31.0
Of which: wages and salaries5.97.65.29.32.3
Capital expenditure and net lending70.6-67.7146.098.4-5.1
Sources: Ministry of Finance; and Fund staff estimates.

Includes expenditure by the Board of Education.

Including employer contributions to social security and medical benefits schemes.

Sources: Ministry of Finance; and Fund staff estimates.

Includes expenditure by the Board of Education.

Including employer contributions to social security and medical benefits schemes.

Table 15.Antigua and Barbuda: Detailed Accounts of Consolidated Public Sector(In millions of Eastern Caribbean dollars)
prel.
19911992199319941995
I. Consolidated Public Sector
Total revenue and grants280.6306.8320.5363.6343.8
Current revenue266.3295.6308.7358.5338.8
Of which: tax revenue192.9201.1211.4236.4246.1
Capital revenue4.43.52.42.84.2
Capital grants9.97.79.42.20.8
Total expenditure and net lending339.7342.7366.7428.94563
Current expenditure300.3332.0337.3376.8392.6
Wages and salaries126.7136.1143.4157.0160.8
Goods, services, and transfers91.796.4104.9129.0130.4
Operating deficits of public enterprises8.41.90.79.9
Interest payments81.991.187.190.091.5
Domestic16.517.320.023.218.9
External65.473.867.166.972.6
Cash7.88.110.88.511.1
Arrears57.665.756.358.361.5
Capital expenditure and net lending39.410.729.452.163.9
Fixed capital formation39.410.325.942.150.3
Purchase of land0.43.513.6
Net lending10.0
Current account balance-34.0-36.4-28.7-18.2-53.9
Overall balance-59.1-35.9-46.2-653-112.7
Financing59.135.946.2653112.7
External (net)65.850.541.543.951.1
Drawings22.50.66.7
Amortization-81.5-84.8-60.9-43.0-30.0
Cash-14.2-15.8-14.8-14.5-17.1
Arrears-67.3-69.0-46.1-28.5-12.9
Net change in arrears124.9134.7102.486.874.4
Principal67.369.046.128.512.9
Interest57.665.756.358.361.5
Domestic-6.96.46.814.060.1
Net ECCB borrowing1.5-8.6-2.21.2-5.6
Commercial banks-16.06.721.2-10.637.2
Government bills and bonds-3.811.06.60.80.1
Domestic arrears11.4-2.7-16.011.7-0.5
Other identified financing-2.810.928.9
Residual financing 1/0.1-21.0-2.17.51.4
II. General Government
Total revenue and grants248.1297.8306.6339.8342.4
Current revenue260.1286.6297.9334.8337.6
Capital revenue4.43.52.42.84.2
Capital grants3.67.76.32.20.6
Total expenditure and net lending281.7276.3311.6379.6379.6
Current expenditure248.7265.6285.4327.5330.1
Capital expenditure and net lending33.110.726.352.149.5
Fixed capital formation33.110.322.842.135.9
Purchase of land0.43.513.6
Net lending10.0
Current account balance11.421.012.57.37.4
Overall balance-13.721.5-5.1-39.8-37.2
II.1 Central Government
Total revenue and grants229.5252.6257.5283.9289.6
Current revenue221.5241.4248.8278.8284.8
Of which: tax revenue192.9201.1211.4236.4246.1
Capital revenue4.43.52.42.84.2
Capital grants3.67.76.32.20.6
Total expenditure and net lending266.02623293.7355.1355.4
Current expenditure232.9251.6267.4303.0305.9
Wages and salaries123.0132.3139.2152.2155.7
Contributions to social security and medical benefits schemes7.68.79.110.312.5
Other goods and services 2/58.258.960.968.271.1
Interest payments32.035.139.443.740.9
Transfers for job training0.26.86.9
Pensions, other transfers12.116.618.521.818.9
Capital expenditure and net lending33.110.726.352.149.5
Fixed capital formation33.110.322.842.135.9
Purchase of land0.43.513.6
Net lending10.0
Current account balance-11.5-10.2-18.6-24.1-21.2
Overall balance-36.5-9.7-36.2-71.2-65.8
Financing36.59.736.271.265.8
External-0.3-23.7-24.1-23.3-15.8
External borrowing (net)-0.3-23.7-24.1-23.3-15.8
Drawings22.50.6
Amortization-22.8-24.2-24.1-23.3-15.8
Cash-13.9-13.4-14.0-13.4-15.7
Arrears-8.9-10.8-10.1-9.8
Domestic-5.211.730.425.444.4
ECCB (net)1.5-8.62.31.2-5.6
Commercial banks-6.415.021.04.123.0
Social Security Scheme5.23.5
Rest of public sector-1.7
Other private sector (bills and bonds)-3.85.34.92.6
Change in arrears39.535.419.655.132.0
External (net increase)16.420.717.620.911.2
Principal8.910.810.19.8
Interest7.59.97.511.011.1
Domestic23.114.72.034.220.9
Social Security Scheme4.911.212.113.513.9
Medical Benefits Scheme4.55.55.96.68.4
Interest3.91.60.44.34.7
Floating debt9.8-3.7-5.87.8-6.1
Vouchers9.8-3.7-5.81.71.0
Checks6.1-6.1
Other0.1-10.62.0
Residual financing 1/2.7-13.710.314.05.2
II.2 Social Security Scheme
Total revenue and grants35.238.341.946.746.9
Current revenue35.238.341.946.746.9
Contributions28.829.733.839.737.9
Of which: Central Government5.45.96.17.07.4
Interest5.27.47.66.68.5
Other1.21.20.40.52.0
Total expenditure12.913.316320.922.8
Current expenditure12.913.316.320.922.8
Benefits9.39.411.815.617.6
Wages and salaries2.22.32.73.13.2
Other1.41.61.82.22.0
Current account balance22.325.025.625.824.1
Overall balance22.325.025.625.824.1
II.3 Medical Benefits Scheme
Total revenue and grants13.618.720.022.921.9
Current revenue13.618.720.022.921.9
Contributions13.018.119.322.121.1
Of which: Central Government2.22.83.03.35.1
Interest0.10.10.10.1
Other0.50.60.60.70.7
Total expenditure13.012.414.517.317.4
Current expenditure13.012.414.517.317.4
Benefits0.60.70.81.01.0
Wages and salaries1.51.51.51.81.9
Other10.910.212.214.514.5
Current account balance0.66.35.55.64.5
Overall balance0.6635.55.643
III. Consolidated Public Enterprises
Total revenue and grants124.2126.7146.4152.1127.2
Current revenue117.9126.5143.3152.1127.0
Capital revenue0.2
Capital grants6.33.10.2
Total expenditure169.4183.9187.6177.6202.7
Current expenditure163.1183.9184.5177.6188.3
Wages and salaries28.130.530.532.637.8
Interest52.459.051.449.754.1
Domestic2.12.52.32.02.0
External50.356.549.147.752.1
Cash0.20.60.30.41.7
Arrears50.155.848.847.350.4
Other operating expenditure82.594.4102.695.396.3
Capital expenditure6.33.114.4
Fixed capital formation6.33.114.4
Current account balance-45.2-57.5-41.2-25.5-61.3
Overall balance-45.2-573-41.2-25.5-75.5
Memorandum items External financing49.853.448.046.249.0
Amortization-58.7-60.6-36.8-19.7-14.3
Cash-0.3-2.4-0.8-1.1-1.4
Arrears-58.4-58.2-36.0-18.6-12.9
Change in arrears108.6114.084.865.963.3
Principal58.458.236.018.612.9
Interest50.155.848.847.350.4
Operating surpluses6.38.910.823.81.2
Operating deficits (-)-8.4-1.9-0.7-9.9
III.1 Antigua Port Authority
Total revenue and grants16.215.414.016.117.6
Current revenue16.215.414.016.117.6
Total expenditure13.012.915.917.019.1
Current expenditure13.012.915.917.019.1
Wages and salaries5.65.96.57.68.2
Interest1.21.31.31.31.3
Domestic0.91.01.01.01.0
External0.30.30.30.30.3
Arrears0.30.30.30.30.3
Other6.25.78.18.19.6
Current account balance3.22.5-1.9-0.9-1.6
Operating balance3.62.8-1.9-0.7-1.8
Overall balance122.5-1.9-0.9-1.6
Memorandum Items
External financing0.30.30.30.30.3
Amortization-0.4-0.4-0.4-0.4-0.4
Arrears-0.4-0.4-0.4-0.4-0.4
Change in arrears0.70.70.70.70.7
Principal0.40.40.40.40.4
Interest0.30.30.30.30.3
III.2 Antigua Public Utilities Authority
Total revenue and grants68.267.788.2102.192.4
Current revenue61.967.585.1102.192.2
Capital revenue and government transfers0.2
Capital grants6.33.10.2
Total expenditure83.090.697.2101.0127.2
Current expenditure76.790.694.1101.0116.8
Wages and salaries21.423.322.523.427.8
Interest15.014.714.215.517.0
Domestic0.10.10.10.10.1
External14.914.614.115.416.9
Cash0.21.5
Arrears14.914.614.115.315.4
Other40.352.657.462.162.0
Capital expenditure6.33.110.4
Fixed capital formation6.33.110.4
Current account balance-14.9-23.1-9.01.1-24.6
Operating balance0.2-8.45.216.6-7.6
Overall balance-14.9-22.9-9.01.1-34.8
Memorandum items
External financing14.914.614.115.315.0
Amortization-17.9-17.3-12.4-11.6-13.1
Cash-0.4
Arrears-17.9-17.3-12.4-11.6-12.8
Change in arrears32.831.926.526.928.2
Principal17.917.312.411.612.8
Interest14.914.614.115.315.4
III.3 Central Marketing Corporation
Total revenue and grants10.510.910.811.111.1
Current revenue10.510.910.811.111.1
Total revenue and grants16.215.414.016.117.6
Current revenue16.215.414.016.117.6
Total expenditure13.012.915.917.019.1
Current expenditure13.012.915.917.019.1
Wages and salaries5.65.96.57.68.2
Interest1.21.31.31.31.3
Domestic0.91.01.01.01.0
External0.30.30.30.30.3
Arrears0.30.30.30.30.3
Other6.25.78.18.19.6
Current account balance3.22.5-1.9-0.9-1.6
Operating balance3.62.8-1.9-0.7-1.8
Overall balance122.5-1.9-0.9-1.6
Memorandum Items
External financing0.30.30.30.30.3
Amortization-0.4-0.4-0.4-0.4-0.4
Arrears-0.4-0.4-0.4-0.4-0.4
Change in arrears0.70.70.70.70.7
Principal0.40.40.40.40.4
Interest0.30.30.30.30.3
III.2 Antigua Public Utilities Authority
Total revenue and grants68.267.788.2102.192.4
Current revenue61.967.585.1102.192.2
Capital revenue and government transfers0.2
Capital grants6.33.10.2
Total expenditure83.090.697.2101.0127.2
Current expenditure76.790.694.1101.0116.8
Wages and salaries21.423.322.523.427.8
Interest15.014.714.215.517.0
Domestic0.10.10.10.10.1
External14.914.614.115.416.9
Cash0.21.5
Arrears14.914.614.115.315.4
Other40.352.657.462.162.0
Capital expenditure6.33.110.4
Fixed capital formation6.33.110.4
Current account balance-14.9-23.1-9.01.1-24.6
Operating balance0.2-8.45.216.6-7.6
Overall balance-14.9-22.9-9.01.1-34.8
Memorandum items
External financing14.914.614.115.315.0
Amortization-17.9-17.3-12.4-11.6-13.1
Cash-0.4
Arrears-17.9-17.3-12.4-11.6-12.8
Change in arrears32.831.926.526.928.2
Principal17.917.312.411.612.8
Interest14.914.614.115.315.4
III.3 Central Marketing Corporation
Total revenue and grants10.510.910.811.111.1
Current revenue10.510.910.811.111.1
Total expenditure10.510.410.110.711.0
Current expenditure10.510.410.110.711.0
Wages and salaries0.60.70.70.70.8
Interest0.30.30.20.10.1
Other9.59.59.19.910.2
Current account balance0.10.50.80.3
Operating balance0.40.81.00.40.1
Overall balance0.10.50.803
III.4 Deep Bay Development Company
Total revenue25.027.527.115.70.1
Current revenue25.027.527.115.70.1
Hotel20.923.523.011.5
Villas (rentals)4.14.04.14.20.1
Total expenditure54.260.255.740.530.4
Current expenditure54.260.255.740.530.4
Operating expenditure24.524.625.912.90.2
Interest payments29.735.629.827.530.2
Domestic0.71.10.90.70.7
External29.034.529.026.829.5
Arrears29.034.529.026.829.5
Current account balance-29.3-32.7-28.6-24.8-30.3
Operating balance0.52.81.22.8-0.1
Overall balance-293-32.7-28.6-24.8-303
Memorandum items
External financing29.034.529.026.829.5
Amortization-32.7-34.7-16.4
Arrears-32.7-34.7-16.4
Change in arrears61.769.345.426.829.5
Principal32.734.716.4
Interest29.034.529.026.829.5
III.5 St. John’s Development Corporation
Total revenue3.14.15.26.05.0
Current revenue3.14.15.26.05.0
Total expenditure8.09.18.17.814.3
Current expenditure8.09.18.17.810.3
Wages and salaries0.50.60.80.91.0
Interest5.56.55.24.75.0
Domestic debt0.10.10.10.10.1
External debt5.46.45.14.64.9
Arrears5.46.45.14.64.9
Other2.02.02.12.34.4
Capital expenditure4.0
Current account balance-4.9-5.1-3.0-1.8-5.4
Operating balance0.61.42.32.9-0.4
Overall balance-4.9-5.1-3.0-1.8-9.4
Memorandum items
External financing5.46.45.14.64.9
Amortization-6.8-7.2-6.8-7.0
Arrears-6.8-7.2-6.8-7.0
Change in arrears12.213.612.011.54.9
Principal6.87.26.87.0
Interest5.46.45.14.64.9
III.6 Other Public Enterprises
Total revenue131.11.11.11.1
Operating income1.11.11.11.11.1
Central government transfers0.2
Total expenditure0.50.60.60.60.5
Current expenditure0.70.60.60.60.5
Current account balance0.60.50.50.50.6
Operating balance1.11.11.11.11.1
Overall balance0.80.50.50.50.6
Memorandum items
External financing0.1-2.4-0.5-0.7-0.7
Amortization-1.0-1.0-0.8-0.8-0.7
Cash-0.3-2.4-0.8-1.1-1.0
Arrears-0.71.40.30.3
Change in arrears1.1-1.40.3
Principal0.7-1.4-0.3-0.3
Interest0.40.30.30.3
Sources: Ministry of Finance; Social Security Scheme; Medical Benefits Scheme; public enterprises; and Fund staff estimates.

Difference between deficit measured above the line and identified financing.

Includes expenditure of Board of Education.

Sources: Ministry of Finance; Social Security Scheme; Medical Benefits Scheme; public enterprises; and Fund staff estimates.

Difference between deficit measured above the line and identified financing.

Includes expenditure of Board of Education.

Table 16.Antigua and Barbuda: Public Sector Employment
19901991199219931994
(Number of employees as of September 30)
Public sector
Central Government7,2457,4077,2297,4208,415
Established employees2,7252,8262,8952,9312,915
Non-established employees4,5204,5814,3344,4895,500
Of which: Vocational Training Scheme710
Rest of public sector1,5631,5691,5971,7101,721
Barbuda Council146138137146126
Statutory bodies1,4171,4311,4601,5641,595
Of which: Antigua Public Utilities Authority722727748786793
Port Authority216241254290324
Social Security Scheme8081788291
Medical Benefits Scheme7175756872
Total public sector8,8088,9768,8269,13010,136
(in percent of labor force)31.031.330.632.335.6
(Percent change)
Public sector
Central Government3.72.2-2.42.613.4 1/
Established employees3.33.72.41.2-0.5
Non-established employees3.91.3-5.43.622.5
Rest of public sector6.50.41.87.10.6
Barbuda Council-1.4-5.5-0.76.6-13.7
Statutory bodies7.31.02.07.12.0
Of which: Antigua Public Utilities Authority-1.00.72.95.10.9
Port Authority42.111.65.414.211.7
Social Security Scheme-2.41.3-3.75.111.0
Medical Benefits Scheme16.45.6-9.35.9
Total public sector4.21.9-1.73.411.01/
Source: Ministry of Finance.

Excluding participants in the Vocational Training Scheme, increases are 3.8 percent for the Central Government and 3.2 percent for the public sector.

Source: Ministry of Finance.

Excluding participants in the Vocational Training Scheme, increases are 3.8 percent for the Central Government and 3.2 percent for the public sector.

Table 17.Antigua and Barbuda: Monetary Survey
December 31
Est.
19911992199319941995
(In millions of Eastern Caribbean dollars)
Net foreign assets88.490.0117.8166.6245.1
Net (imputed) international reserves90.4126.1112.2123.7163.2
Commercial bank net foreign assets-2.0-36.15.543.081.9
Net domestic assets557.0579.86293656.5753.7
Net credit to the public sector83.881.9106.493.9131.5
Central Government118.0124.4147.8150.7168.0
ECCB’s claims44.636.038.339.030.9
Commercial bank claims73.488.4109.4111.6137.1
Statutory bodies-34.2-42.5-41.4-56.8-36.6
Net credit to other financial institutions-3.1-35.8-30.81.0-32.5
Credit to private sector547.4586.7625.3634.6742.2
Other items (net)-71.2-53.0-71.5-73.0-87.5
Monetary liabilities (M2)645.4669.8747.1823.1998.8
Money (Ml)154.9168.4173.2194.9259.6
Currency outside banks57.964.359.465.977.2
Demand deposits97.0104.1113.8129.0182.4
Quasi-money490.6501.4573.9628.2739.2
Time deposits254.6244.2265.9254.2325.6
Savings deposits203.6224.1282.9338.4377.9
Foreign currency deposits32.433.125.135.735.6
(Percentage change) 1/
Net foreign assets14.70.24.16.59.5
Net domestic assets0.23.57.43.611.8
Net credit to the public sector-2.6-0.33.7-1.74.6
Central Government-0.91.03.50.42.1
Statutory bodies-1.7-1.30.2-2.12.5
Net credit to other financial institutions-0.9-5.10.74.3-4.1
Credit to private sector7.96.15.81.213.1
Other items (net)-4.32.8-2.8-0.2-1.8
Monetary liabilities (M2)14.93.811.510.221.3
Money2.02.10.72.97.9
Quasi-money12.91.710.87.313.5
Memorandum items
Loan-to-deposit ratio88.284.183.779.679.8
Velocity1.91.81.71.71.5
Credit to private sector (in percent of GDP)48.250.050.747.255.1
Sources: Eastern Caribbean Central Bank; and Fund staff estimates.

Change in percent of liabilities to the private sector at the beginning of the year.

Sources: Eastern Caribbean Central Bank; and Fund staff estimates.

Change in percent of liabilities to the private sector at the beginning of the year.

Table 18.Antigua and Barbuda: Eastern Caribbean Central Bank Operations in Antigua and Barbuda(In millions of Eastern Caribbean dollars)
December 31
Est.
19911992199319941995
Net (imputed) international reserves 1/90.4126.1112.2123.7163.2
Net position with commercial banks-77.1-97.8-91.1-96.8-116.9
Claims0.10.50.5
Loans0.10.50.5
Liabilities-77.2-98.3-91.7-96.8-116.9
Currency-14.3-9.7-13.5-13.7-19.0
Current deposits 2/-56.9-82.7-63.3-75.3-66.9
Fixed deposits-6.0-6.0-3.3-3.3-26.0
Other claims-11.6-4.6-5.1
Net domestic assets44.636.038339.030.9
Net credit to Central Government44.636.038.339.030.9
Treasury bills 3/10.02.53.92.5
Debentures8.810.813.814.814.8
Temporary advances6.62.61.52.82.2
Other claims19.320.319.219.114.1
Sinking Fund-0.1-0.1-0.1-0.1-0.1
Liabilities to the private sector57.964359.465.977.2
Estimated currency in circulation 4/57.964.359.465.977.2
Currency issued72.274.072.979.596.2
Currency held by banks (-)-14.3-9.7-13.5-13.7-19.0
Memorandum item
Change in imputed reserves (in millions of U.S. dollars; increase -)-5.1-13.25.1-4.2-14.6
Sources: Eastern Caribbean Central Bank; and commercial banks.

Refers to the imputed share of Antigua and Barbuda in the net international reserves of the ECCB; calculated as the net foreign asset counterpart of net liabilities to Antigua and Barbuda (currency in circulation plus net liabilities to commercial banks less net credit to Government).

Includes statutory reserve requirement.

Includes net purchases from commercial banks.

Estimated on the basis of notes issued by the ECCB for Antigua and Barbuda.

Sources: Eastern Caribbean Central Bank; and commercial banks.

Refers to the imputed share of Antigua and Barbuda in the net international reserves of the ECCB; calculated as the net foreign asset counterpart of net liabilities to Antigua and Barbuda (currency in circulation plus net liabilities to commercial banks less net credit to Government).

Includes statutory reserve requirement.

Includes net purchases from commercial banks.

Estimated on the basis of notes issued by the ECCB for Antigua and Barbuda.

Table 19.Antigua and Barbuda: Summary Accounts of Commercial Banks
December 31
Est.
19911992199319941995
(In millions of Eastern Caribbean dollars)
Net reserve position75.161.796.7139.8198.8
Net foreign assets-2.0-36.15.543.081.9
Foreign assets133.41443155.9206.9207.6
Foreign currency holdings4.06.55.06.14.5
Claims on ECCB area banks17.829.119.219.530.3
Claims on banks abroad95.270.375.176.375.9
Other16.438.456.6105.096.9
Foreign liabilities-135.4-180.3-150.4-164.0-125.7
Balances due to ECCB area banks-26.9-43.1-24.3-16.9-27.0
Balances due to banks abroad-50.0-66.8-56.5-71.1-35.6
Nonresident deposits-58.1-69.2-68.5-75.6-62.1
Other-0.4-1.2-1.2-0.4-1.2
Net position with ECCB77.197.891.196.8116.9
Claims on ECCB77.298.391.796.8116.9
Liabilities to ECCB-0.1-0.5-0.5
Net domestic assets512.4543.8591.0617.5722.8
Domestic credit583.6596.8662.5690.4810.3
Public sector (net)39.245.968.054.9100.5
Central Government73.488.4109.4111.6137.1
Rest of public sector-34.2-42.5-41.4-56.8-36.6
Other financial institutions (net)-3.1-35.8-30.81.0-32.5
Private sector547.4586.7625.3634.6742.2
Other net assets-71.2-53.0-71.5-73.0-87.5
liabilities to private sector587.5605.5687.7757.2921.6
Demand deposits97.0104.1113.8129.0182.4
Savings deposits203.6224.1282.9338.4377.9
Time deposits254.6244.2265.9254.2325.6
Foreign currency deposits32.433.125.135.735.6
(Percentage change) 1/
Net reserve position16.6-235.8637.8
Net domestic assets-0.15.47.83.813.9
Domestic credit4.72.310.94.115.8
Public sector (net)-3.21.13.7-1.96.0
Central Government-1.32.63.50.33.4
Rest of public sector-1.9-1.40.2-2.22.7
Other financial institutions (net)-1.0-5.60.84.6-4.4
Private sector8.86.76.41.314.2
Other net assets-4.83.1-3.1-0.2-1.9
Liabilities to private sector16.53.113.610.121.7
Memorandum item
Loan-to-deposit ratio (in percent)88.284.183.779.679.8
Sources: Eastern Caribbean Central Bank; commercial banks; and Fund staff estimates.

Change during year in percent of liabilities to the private sector at the beginning of the year.

Sources: Eastern Caribbean Central Bank; commercial banks; and Fund staff estimates.

Change during year in percent of liabilities to the private sector at the beginning of the year.

Table 20.Antigua and Barbuda: Distribution of Commercial Bank Credit to Private Sector
December 31
Est.
19911992199319941995
(In millions of Eastern Caribbean dollars)
Total547.4586.7625.3634.6742.2
Agriculture and fisheries7.77.06.75.73.0
Manufacturing18.119.227.625.429.2
Distributive trades84.7101.6121.5121.6128.7
Tourism and entertainment80.389.295.495.988.9
Transport9.213.412.612.714.4
Construction85.173.548.430.242.3
Personal255.8239.2259.6323.6384.5
Other6.643.553.419.551.1
(Percentage changes from previous year)
Total8.87.26.61.517.0
Agriculture and fisheries-4.4-7.9-4.3-14.8-47.4
Manufacturing2.86.343.8-8.315.3
Distributive trades1.720.019.60.15.8
Tourism and entertainment-0.711.07.00.6-7.4
Transport6.746.5-6.51.213.4
Construction0.1-13.7-34.1-37.740.4
Personal21.9-6.58.524.618.8
Other-33.1557.322.9-63.5162.3
(As percent of total)
Total100.0100.0100.0100.0100.0
Agriculture and fisheries1.41.21.10.90.4
Manufacturing3.33.34.44.03.9
Distributive trades15.517.319.419.217.3
Tourism and entertainment14.715.215.315.112.0
Transport1.72.32.02.01.9
Construction15.512.57.74.85.7
Personal46.740.841.551.051.8
Other1.27.48.53.16.9
Source: Eastern Caribbean Central Bank.
Source: Eastern Caribbean Central Bank.
Table 21.Antigua and Barbuda: Selected Interest Rates(In percent per annum at end of period)
19911992199319941995
I. Commercial Bank Rates 1/
Deposits
Savings4.0-7.54.0-8.04.0-8.04.0-8.04.0-8.0
Time
3-month4.0-8.02.0-7.02.0-6.52.0-6.52.0-5.5
6-month4.0-8.02.0-7.52.0-7.02.0-7.02.0-6.5
12-month4.0-8.02.0-8.02.0-7.52.0-8.02.0-6.0
Lending
Prime11.0-16.011.0-13.010.5-13.010.5-12.010.0-11.5
Other3.5-18.07.0-18.011.0-18.06.0-16.07.0-22.5
Add-on loans, effective rate9.0-23.29.0-24.49.0-24.08.5-24.09.3-24.0
II. Other Rates
Government
Treasury bill rate 2/7.77.77.77.77.7
Debenture rate9.09.09.09.09.0
ECCB
Bankers’ deposit rate 3/4.40-4.672.84-3.482.72-3.545.79-7.465.92-7.65
Lending rate to banks10.010.010.510.510.5
Sources: Eastern Caribbean Central Bank; commercial banks; and Ministry of Finance.

Ranges show variations among banks.

Issue rate; from 1991, rates are weighted averages.

Rates vary with the term of deposits.

Sources: Eastern Caribbean Central Bank; commercial banks; and Ministry of Finance.

Ranges show variations among banks.

Issue rate; from 1991, rates are weighted averages.

Rates vary with the term of deposits.

Table 22.Antigua and Barbuda: Balance of Payments
prel.
19911992199319941995
(In millions of U.S. dollars)
Current balance-38.3-31.5-33.2-24.0-20.5
Trade balance-330.3-327.4-365.9-404.1-423.3
Exports, f.o.b. 1/17.419.731.227.319.7
Imports, c.i.f. 2/-347.7-347.1-397.1-431.3-443.0
Services balance282.7288.7323.7371.7285.8
Tourist receipts (gross)308.7306.9353.5394.4318.9
Interest on public debt-24.2-27.3-24.9-24.8-26.9
Due and paid-2.9-3.0-4.0-3.2-4.1
Due but not paid-21.3-24.3-20.9-21.6-22.8
Other services-1.79.2-4.92.1-6.2
Transfers (net)9.37.29.08.3117.0
Official transfers (net)2.72.33.52.30.9
Private transfers (net)6.64.95.65.9116.1
Capital account-2.9-5.2-9.9-3.99.5
Official drawings on loans8.30.22.5
Official obligations on loans 3/-30.2-31.4-22.6-15.9-9.1
Repayments made-5.3-5.9-5.5-5.4-6.4
Repayments in arrears-24.9-25.6-17.1-10.6-2.8
Commercial banks-25.512.7-15.4-13.9-14.4
Private direct investment44.513.428.126.030.6
Overall balance-41.2-36.7-43.1-27.9-10.9
Financing41.236.743.127.910.9
Change in government foreign assets
Change in imputed reserves (increase -) 4/-5.1-13.25.2-4.3-14.6
Accumulation of arrears46.349.937.932.228.0
Reduction in arrears-2.4
Rescheduling of arrears and write-offs
(In percent of GDP)
Current balance-9.1-7.2-7.3-4.8-4.1
Trade balance-78.6-75.3-80.2-81.1-84.3
Exports of goods and nonfactor services 1/99.597.5106.1105.885.9
Tourist receipts73.470.677.479.263.5
Merchandise exports4.14.56.85.53.9
Merchandise imports-82.7-79.8-87.0-86.6-88.3
Private direct investment10.63.16.15.26.1
Overall balance-9.8-8.4-9.4-5.6-2.2
(In millions of U.S. dollars)
Memorandum item
Re-exports of petroleum products32.145.030.917.219.5
Sources: Statistics Division, Ministry of Finance; ECCB; and Fund staff estimates.

Excluding re-exports of petroleum products.

Including errors and omissions.

On an accrual basis and net of earnings from counterpart deposits.

Change in imputed reserves at the ECCB.

Sources: Statistics Division, Ministry of Finance; ECCB; and Fund staff estimates.

Excluding re-exports of petroleum products.

Including errors and omissions.

On an accrual basis and net of earnings from counterpart deposits.

Change in imputed reserves at the ECCB.

Table 23.Antigua and Barbuda: Selected Tourism Statistics
prel.
19911992199319941995
(Number of visitors)
Total visitors477,423484,894496,583510,102462,114
Cruise-ship265,390258,586238,473235,621234,773
Yacht15,46216,40617,92519,77317,974
Air stayovers182,188193,589221,230234,745191,401
Private homes and other14,38316,31318,95519,96317,967
(Percentage share of visitors)
Total visitors100.0100.0100.0100.0100.0
Cruise-ship55.653.348.046.250.8
Yacht3.23.43.63.93.9
Air stayovers38.239.944.646.041.4
Private homes and other3.03.43.83.93.9
(Annual percentage change)
Total visitors4.41.62.42.7-13.8
Cruise-ship12.5-2.6-7.8-1.2-0.4
Yacht-36.86.19.310.3-9.1
Air stayovers-1.16.314.36.1-18.5
Private homes and other12.413.416.25.3-10.0
(Number of days)
Average length of stay 1/4.74.65.25.55.3
Cruise-ships1.01.01.01.01.0
Yacht10.010.010.010.010.0
Air stayovers8.98.38.59.09.2
Private homes and other14.014.014.014.014.0
(In U.S. dollars)
Average expenditure per day 2/85.088.394.196.186.6
Cruise-ship24.825.825.825.325.5
Yacht49.051.053.054.154.6
Air stayovers178.8178.8175.2175.2168.7
Private homes and other44.744.743.843.843.8
(Annual percentage change)
Average expenditure per day-1.63.96.52.1-5.8
Cruise-ship6.04.0-2.01.0
Yacht6.04.04.02.01.0
Air visitors2.0-2.0-3.7
Private homes and other2.0-2.0
(In millions of U.S. dollars)
Total expenditure308.7306.9353.5394.4318.9
Cruise-ship6.66.76.16.05.4
Yacht7.68.49.510.79.6
Air visitors288.8285.8330.7369.9296.9
Private homes and other5.76.07.17.97.1
(Annual percentage change)
Total expenditure3.5-0.615.211.6-19.1
Cruise-ship19.21.3-7.8-3.2-10.0
Yacht-33.010.313.612.5-10.0
Air visitors4.4-1.015.711.8-17.9
Private homes and other18.75.617.711.0-10.0
Sources: Statistics Division, Ministry of Finance; Department of Tourism; and Fund staff estimates.

Estimated.

Estimated on the basis of expenditure surveys carried out by the Caribbean Tourism Organization.

Sources: Statistics Division, Ministry of Finance; Department of Tourism; and Fund staff estimates.

Estimated.

Estimated on the basis of expenditure surveys carried out by the Caribbean Tourism Organization.

Table 24.Antigua and Barbuda: Air Stayover Arrivals
prel.
19911992199319941995
(Number of visitors)
Total182,188193,589221,230234,745191,401
I Quarter45,79750,09356,85562,80661,688
January14,72616,06819,68921,13520,551
February15,29518,01818,58320,02420,281
March15,77616,00718,58321,64720,856
II Quarter46,19046,27855,52958,35357,519
April18,80317,63222,12323,35724,739
May15,01115,53418,80518,91117,124
June12,37613,11214,60116,08515,656
III Quarter42,49445,50252,65356,70244,960
July16,26817,34019,91121,95320,206
August15,78015,88217,92018,61420,012
September10,44612,28014,82216,1354,742
IV Quarter47,70751,71656,19356,88427,234
October13,00614,91018,03817,2205,368
November16,65218,07718,36618,4807,463
December18,04918,72919,78921,18414,403
(Annual percentage change)
Total-1.16.314.36.1-18.5
I Quarter-9.79.413.510.5-1.8
January-9.59.122.57.3-2.8
February-13.917.83.17.81.3
March-5.41.516.116.5-3.7
II Quarter-0.80.220.05.1-1.4
April-5.7-6.225.55.65.9
May6.53.521.10.6-9.4
June-1.15.911.410.2-2.7
III Quarter3.47.115.77.7-20.7
July8.56.614.810.3-8.0
August2.80.612.83.97.5
September-2.917.620.78.9-70.6
IV Quarter3.98.48.71.2-52.1
October4.814.621.0-4.5-68.8
November1.98.61.60.6-59.6
December5.33.85.77.0-32.0
Sources: Department of Tourism; and Fund staff estimates.
Sources: Department of Tourism; and Fund staff estimates.
Table 25.Antigua and Barbuda: Air Stayover Arrivals by Origin
prel.
19911992199319941995
(Number of arrivals)
Total stayover arrivals182,188193,589221,230234,745191,401
United States 1/73,86575,07885,81883,08966,429
Canada12,10015,48315,87316,69812,153
Europe56,30062,71678,29795,56272,344
Caribbean countries34,12236,12736,97435,01532,796
Others5,8014,1854,2684,3817,679
(In percent of total arrivals)
United States 1/40.538.838.835.434.7
Canada6.68.07.27.16.3
Europe30.932.435.440.737.8
Caribbean countries18.718.716.714.917.1
Others3.22.21.91.94.0
Sources: Department of Tourism; Caribbean Tourism Research and Development Centre; and Fund staff estimates.

Includes Puerto Rico and U.S. Virgin Islands.

Sources: Department of Tourism; Caribbean Tourism Research and Development Centre; and Fund staff estimates.

Includes Puerto Rico and U.S. Virgin Islands.

Table 26.Antigua and Barbuda: Tourism Capacity
prel.
19911992199319941995
Hotels
Number of hotels5656565654 1/
Number of rooms2,9972,9973,1403,2133,142 1/
Number of beds6,0656,0656,3556,5026,358 1/
Guest houses
Number of guest houses1515151515
Number of rooms6464646464
Number of beds120120120120120
Apartments
Number of apartments3232323232
Number of rooms256256256256256
Number of beds520520520520520
Total
Number of hotels, guest houses, and apartments103103103103101
Number of rooms3,3173,3173,4603,5333,462
Number of beds6,7056,7056,9957,1426,998
Estimated occupancy rate (percent) 2/66.065.373.981.068.9
Annual change Number of hotels, guest houses, and apartments-1-2
Number of rooms20214373-71
Number of beds6,705289148-144
Sources: Statistics Division, Ministry of Finance; Department of Tourism; and Tourism Planning Advisor (under the Commonwealth Fund for Technical Cooperation).

Reflects temporary closure of hotels following Hurricanes Luis and Marilyn during last quarter of 1995.

Based on number of arrivals by air and number of rooms.

Sources: Statistics Division, Ministry of Finance; Department of Tourism; and Tourism Planning Advisor (under the Commonwealth Fund for Technical Cooperation).

Reflects temporary closure of hotels following Hurricanes Luis and Marilyn during last quarter of 1995.

Based on number of arrivals by air and number of rooms.

Table 27.Antigua and Barbuda: Visitor Arrivals as a Share of the Caribbean Area
prel.
19911992199319941995
(In thousands)
Stayover passenger arrivals 1/
Antigua212226258274227
Caribbean area11,76512,12312,97214,04014,600
Antiguan share of market, in percent1.801.871.991.951.56
Cruise-ship passenger arrivals
Antigua265259238236235
Caribbean area8,1908,7809,1319,7609,560
Antiguan share of market, in percent3.242.952.612.412.46
(Annual percentage change)
Stayover passenger arrivals 1/
Antigua-4.36.714.16.3-17.2
Caribbean area-0.73.07.08.24.0
Cruise-ship passenger arrivals
Antigua12.5-2.6-7.8-1.2-0.4
Caribbean area12.77.24.06.9-2.1
Sources: Department of Tourism; and Caribbean Tourism Organization.

Total visitors excluding cruise-ship passenger arrivals.

Sources: Department of Tourism; and Caribbean Tourism Organization.

Total visitors excluding cruise-ship passenger arrivals.

Table 28.Antigua and Barbuda: External Public Sector Debt(In thousands of U.S. dollars)
prel.
19911992199319941995
Total debt345,659349,983352,662387,757416,756
Central government debt101,73198,55894,78793,65492,001
Official creditors20,40620,65020,42620,85118,523
Caribbean Development Bank8,1608,4638,8009,1686,179
Emergency Fund Assistance9873485130
Sugar Industry4,2594,4724,6954,9305,177
Livestock Development116
Cargo Facility573736169
Feeder Roads5548413537
Fisheries Development3,6803,8273,9804,140931
U.S. Eximbank6,2066,1606,1126,0625,968
Colt Industries and Aqua Chem.6,0086,0086,0086,0085,967
Port Authority - Loan B198152104541
European Development Fund2,6882,4092,2312,4512,609
North Shore Water Distribution631552505537571
Road Rehabilitation Program2,0571,8571,7261,9152,037
Trinidad and Tobago1,5821,6451,2501,2741,318
Earthquake Damage5355414243
Rehabilitation of Electricity Supply1,3631,4171,0771,0981,137
Factory Shells166173132134139
United Kingdom72186185200205
Exchequer Loan7262647276
Independence loan124121128127
OPEC1,0181,0791,1441,2121,285
Kuwaiti Fund66
People’s Republic of China6797097024822,918
Creekside Bridge629661655450456
Exhibition Center504847322,462
Commercial creditors8132577,90874^6172,80373,478
Credit Suisse (rescheduled)7,0824,9453,2441,830
Foster Wheeler Power Prod, (rescheduled)14,00010,0006,0002,000
Pye TV Ltd.1,0709289751,1041,178
Italian International Bank2,1561,870776879938
Lloyds Bank (Bahamas)424447469500538
Banco do Brasil - Deep Bay19,05720,66122,37024,36726,637
Loan “A”11,71012,88114,16915,58617,145
Loan “B”7,3477,7808,2018,7819,492
Credit Lyonnais11,15612,32313,60815,06016,689
Credit Facility1,5271,6161,7021,8201,966
Export Credit9,62910,70711,90613,24014,723
Antigua Masonry Products26,38026,73326,91827,06427,499
Of which: DEVCON9,2689,2689,2689,2689,268
Government-guaranteed loans243,928251,425257,875294,103324,756
Official creditors22,15021,79921,10721,32621,277
U.S. AID8,4518,7058,9669,2359,179
Trinidad and Tobago3,4803,5672,6722,6842,739
U.S. Eximbank (Loan A)6,3766,4896,6016,7146,826
Caribbean Development Bank3,1592,3502,1631,9801,787
Agricultural and Industrial Credit I295
Agricultural and Industrial Credit II151172
Mortgage Finance708661666667668
Farm Improvement Credit I246-8-18-24
Farm Improvement Credit II1110777
Industrial Estates11160462919
Small Industry Credit I3126201511
Small Industry Credit II16889725944
Farm Improvement Credit II191-1-13
Industrial Estates883458375286221
Student Loans58
Agricultural Production Credit55362713
Agricultural and Industrial Credit103
Global Line of Credit502480460441433
Investment in Equity538511515510470
UWHC243210187152138
Friends of the English Harbour441478518561608
Commercial creditors221,778229,626236,768272,777303,479
Morgan Grenfell, Mgmt.110,599116,257118,965143,008163,410
Ishikawajima - Harima Heavy Ind. (IHI)34,52036,07537,55038,93940,235
Mirrlees – Blackstone11,3059,85010,40211,82912,582
Lloyds Bank1,8631,6751,7641,9992,157
Aggreko International1,3551,1831,2511,4261,495
Northern Telecom International Finance219233247266289
Italian Institute for Works Abroad #17,1627,8568,6189,45410,371
Italian Institute for Works Abroad #24,0654,3784,7155,0785,469
ABN Bank; Esmil Engin.3,3603,4153,4414,0794,433
MAW Industrial387414443474507
Cable and Wireless15,03415,77116,46617,46618,706
Ultrafin AG - Crabbs Power Station6,6746,4496,5887,7158,938
ABN Bank - Crabbs Power Plant1,5821,5931,5901,9002,151
Ultrafin AG - Main22,34223,23323,51427,95131,581
Ultrafin AG - Bridging345358363431487
Venezuela Investment Fund967887848762666
Sources: Ministry of Finance; ECCB; and Fund staff estimates
Sources: Ministry of Finance; ECCB; and Fund staff estimates
Table 29.Antigua and Barbuda: Terms of External Public Sector Loans
Original CurrencyLoan Amount 1/Year of ContractInterest Rate 2/Grace Period (Years)Repayment PeriodType 3/Payment Cycle 4/Number of PaymentsRemarks
Central Government
Caribbean Development Bank
Emergency Fund AssistanceEC$1,00019766.005LA
Sugar IndustryC$;£Stg;US$3,18719795.0051983-2001LB30
3 Livestock DevelopmentUS$10019734.0051979-94LQ60
Cargo Facilityc$18419744.0051980-95AQ60
Feeder RoadsUS$8119794.0051986-2001LQ60
Fisheries DevelopmentDM;US$;SKr;C$3,27119804.0051986-2001LQ60
U.S. Exiinbank
Colt Industries and Aqua Chem.US$4,50019717.50AQServiced out of U. S. base lease receipts.
Antigua Port Authority - Loan BUS$1,50019696.001969-1977AB16
European Development Fund
North Shore Water DistributionECU49519791.00101990-2019LB60
Road Rehabilitation ProgramECU1,54219851.00101996-2025LB60
Airport Navigation SystemECU1,50019902.0051997-2018LB40
Trinidad and Tobago
Earthquake DamageTT$25019753.00101985-2010AA25
Rehabilitation of Electricity SupplyTT$3,82519814.0051984-94AB20
Factory ShellsTT$45519814.0051985-2004AB40
United Kingdom
Exchequer Loan£Stg70619676.2811968-92AA24
Independence Loan£Stg28219811996-2010LB28
OPEC - Balance of Payments SupportUS$1,00019826.0021985-90LB10
Kuwaiti Fund - Road ImprovementUS$7,00019934.50102003LB1
People’s Republic of China
Creekside BridgeYuan5,0001987202007-2017LA10
Exhibition CenterYuan20,0001991202011-2031LA10
Commercial
PyeTVUd.£Stg42519797.3011981-85LB10
Italian International Bank£Stg42719807.3011981-87LB10
Lloyds Bank (Bahamas) - CarmichaelUS$17219807.6021982-85LB10
Banco do Brasil - Deep Bay
Loan “A”US$5,100198110.0011982-86LB8
Loan “B”US$3,00019818.1011983-86LB10
Credit Lyonnais - resurfacing airport
Credit FacilityUS$1,34819868.0021987-93LB12
Export CreditUS$7,891198511.2011987-93LB14
Antigua Masonry Products (harbor improvement)US$21,809198710.0011988-2014LQ100Serviced out of U.S. base lease receipts and Antigua Port Authority general revenues.
Of which: DEVCON International (harbor dredging)US$8,330199010.0001991-97LM
Government-guaranteed loans
Antigua Public Utilities Authority
Mirrlees - Blackstone£Stg3,45319817.8021983-89LB12
Lloyds Bank - (electricity generator)£Stg56519818.5111982-88LB7
Aggreko International - Casada generators£Stg43419868.001986-90LB8
Water Desalination Plant
Foster Wheeler Power ProductsUS$18,881198414.001OO
Foster Wheeler Power Products (Resch. 1)us$19,263198811.0001989-95LM74
Ishikawajima-Harima Heavy Ind. (IHI)US$30,00019858.0001987-97LB20Covered by export insurance
Foster Wheeler (management)£Stg1,720198601987-88LM24
U.S. AID - Water Development ProjectUS$6,62519833.00101994-2024LB60
CIDA - Telephone ExpansionC$6,000197451984-2023LB80Formal notification of CIDA’s 1990 debt forgiveness still pending.
Water Distribution Project - Trinidad and TobagoTT$12,00019832.501991-2010LA20
Italian Institute for Works Abroad 1/US$4,42019869.7011987-92LB12
Italian Institute for Works Abroad 2/US$2,98819877.7011987-92LB10
ABN Bank - Esmil Engin. (water distrib.)NLG4,55019877.801987-91LB10
MAW IndustrialeUS$48819867.001986-88LM18
Cable and Wireless (telephone exp.)US$13,00019877.1021989-2003LM156
Ultra fin AG (Crabbs Power Station)SFR8,40019883.801988-95LB14
ABN Bank (Crabbs Power Plant)NLG2,33819886.8011988-93LB10
Antigua Port Authority
U.S. Eximbank (Loan A)US$4,50019692.5051977-2007LB60
Bank of AmericaUS$265198213.0011983-88LB10
Deep Bay Development Company
Morgan Orenfell Management (Cons, of Banks)DM120,52019847.0721988-93LB24Insured by SACE, Export Credit Insurance Agency of Italy.
St. John’s Development Corporation
Ultrafin AG - MainDM25,07519865.8711989-94LB10
Ultrafin AG - BridgingDM39319865.871989LA1
Antigua and Barbuda Development Bank
Venezuela Investment FundUS$50019828.00OB
Caribbean Development Bank
Agricultural and Industrial Credit IC$11119747.301981-96LQ60
Agricultural and Industrial Credit IIC$;£Stg;TT$9219757.501981-96AQ60
Housing RehabilitationEC$;US$;TT$21319754.501978-88AQ40
Mortgage FinanceUS$;TT$;EC$;C$1,00019806.801984-2001LQ60
Farm Improvement Credit Ic$20019744.001980-95LB30
Farm Improvement Credit IITT$9419764.001980-95LB30
Student LoansUS$8019744.001981-91LB20
Industrial EstatesC$19719744.001981-96AQ60
Small Industry Credit ITT$, US$7319744.001980-95LQ60
Small Industry Credit IIDM40819764.001981-96LQ60
Farm Improvement Credit IIIc$19119764.001981-96AQ60
Industrial EstatesC$;£Stg;US$1,12219774.001982-97AQ60
Student LoansC$;£Stg;US$18019774.001983-93AQ40
Agricultural Production CreditUS$19219784.001983-98AQ60
Agricultural and Industrial Credit£Stg22519784.001984-99AQ60
Global Line or CreditUS$80019804.001986-2001LQ60
Investment in EquityUS$80019800.801990-2010LB40
Central Housing and Planning Authority
CDB - UWCHUS$56019764.0011978-98AQ80
Friends of the English Harbour
CDB LoanEC$51019758.0071982-93AB24
CDB Loan (additional)US$7319759.5071982-93AB24
Sources: Ministry of Finance; ECCB; and Fund staff estimates.

In thousands of original currency.

Average rate in 1995.

A - Annuity; L - Level payment; S - Sinking Fund; and O - Other.

A - Annual; B - Biannual; Q - Quarterly; and M - Monthly.

Sources: Ministry of Finance; ECCB; and Fund staff estimates.

In thousands of original currency.

Average rate in 1995.

A - Annuity; L - Level payment; S - Sinking Fund; and O - Other.

A - Annual; B - Biannual; Q - Quarterly; and M - Monthly.

Table 30.Antigua and Barbuda: External Debt Excluding Interest Arrears-Operations in 1994 and 1995(In thousands of U.S. dollars)
Operations in 1994Operations in 1995
Outstanding 12/31/93DrawingsAmortizationValuation AdjustmentOutstanding 12/31/94DrawingsAmortizationValuation AdjustmentOutstanding 12/31/95
Total public sector230,478536310,659235,7732,49463474,635236355
Central Government67,6454,974-50762,1642,4945,822-68456,193
Official debt
Caribbean Development Bank5,41327-25,3852,2143,171
Emergency Fund Assistance (1/EF)49492524
Sugar Industry (2/SFR-OR)2,7422,7422,742
Livestock Development (2/SFR)33
Cargo Facility (3/SFR)3718-217810
Feeder Roada (17/SFR)4253737
Fisheries Development (18/SFR)2,5402,5402,181359
U.S. Eximbank4,604524,552974,456
Colt Industries and Aqua Chem. (APUA)4,5004,500414,456
Port Authority - Loan B104525252
European Development Fund2,224172182,4251302355
North Shore Water Distribution497174852828556
Road Rehabilitation Program I1,7271701,8971021,998
Trinidad and Tobago773mm-16757-3754
Earthquake Damage363636
Rehabilitation of Electricity Supply658-13645-3642
Factory Sheila787777
United Kingdom
Exchequer Loan I626665
Independence loan1217128-1127
OPEC - Balance of Payments Support750750750
Chateau Fund - Road Improvement6666
People’s Republic of China
Creekside Bridge655-2054506456
Exhibition Center 1/47-15322,42732,462
Commercial debt52,9944,877-49847,6193,445-81943355
Credit Suisse - Rescheduled3,244877-5371,8301,015-815
Fotter Wheeler Power Prod. (Resch. 2)6,0004,0002,0002,000
Pye TV Ltd.44024464-2462
Italian International Bank27115286-2284
Lloyds Bank (Bahamas) - Carmichael129129129
Banco do Brasil - Deep Bay8,1008,1008,100
Loan “A”5,1005,1005,100
Loan “B”3,0003,0003,000
Credit Lyonnats - resurfacing airport8,1458,1458,145
Credit Facility1,1701,1701,170
Export Credit6,9756,9756,975
Antigua Masonry Products (harbor improvement)26,66526,66543026,235
Of which DEVCON: (harbor dredging)9,2689,2689,268
Government-guaranteed loans162,83339011,166173,6095257,278180,362
Antigua Public Utilities Authority70,9651,47072,43513793773,234
Mirrlees-Blackstone5,1162815,397-295,368
Lloyds Bank (electrical generator)83746883-5878
Aggreko International - Casada generators67237709-3706
Water Desalination Plant26,41826,41826,418
Ishikawajima-Harima Heavy Ind. (IHI)26,41826,41826,418
U.S. AID - Water Development Project6,6256,6251376,488
Trinidad and Tobago - Water distribution project2,088-422,046-102,036
Italian Institute for Works Abroad #14,4204,4204,420
Italian Institute for Works Abroad #22,9882,9882,988
ABN Bank; Esmil Engin. (water distribution)2,3442782,6221582,781
MAW Industrial330330330
Cable and Wireless (telephone expansion)12,24512,24512,245
Ultrafin AG (Crabbs Power Station)5,6787276,4057447,149
ABN Bank (Crabbs Power Plant)1,2051431,347811,429
Antigua Port Authority4,5004,5004,500
U.S. Eximbank (Loan A)4,5004,5004,500
Deep Bay De?eJopment Company69,8148,00177,8155,23083,045
Morgan Grenfell, Mgmt. (Cons, of Banks)69,8148,00177,8155,23083,045
St. John’s Development Corporation14,7541,69116,4451,10517350
Ultrafin AO - Main14,5251,66516,1901,08817,278
Ultrafin AG - Bridging2292625517272
Antigua and Barbuda Development Bank2,29335541,94237061,579
Venezuela Investment Fund33113319813166
Caribbean Development Bank1,96222141,74523961,512
Agricultural and Industrial Credit I(2/0R)23-121319
Agricultural and Industrial Credit H(3/0R)35431527
Housing Rehabilitation (1/SFR-OR)393939
Mortgage Finance (3/SFR-OR)4293139831367
Farm Improvement Credit (1/SFR) 1st121025-3
Farm Improvement Credit (1/SFR) CCF988
Student Loans (4/SFR)777
Industrial Estates (5/SFR)5414-3379129
Small Industry Credit (6/SFR)105541
Small Industry Credit II (8/SFR)712175719442
Farm Improvement Credit II (9/SFR)65-46111152
Industrial Estates (12/SFR)3158722869158
Agricultural Production Credit (15/SFR)6313501337
Agricultural and Industrial Credit (16/SFR)915961086
Global Line of Credit (19/SFR)2093017920159
Investment in Equity (20/SFR)536653040490
Central Housing and Planning Authority1823514718130
CDB - UWCH (10/SFR)1823514718130
Friends of the English Harbour324324324
CDB Loan 1/OR242242242
CDB Loan 1/OR (additional)828282
Sources: Ministry of Finance; ECCB; jind Fund staff estimates.

Since 1995 responsibility of the St. John’s Development Corporation.

Sources: Ministry of Finance; ECCB; jind Fund staff estimates.

Since 1995 responsibility of the St. John’s Development Corporation.

Table 31.Antigua and Barbuda: Summary of Arrears on External Debt(In thousands of U.S. dollars)
19911992199319941995
PrincipalInterestTotalPrincipalInterestTotalPrincipalInterestTotalPrincipalInterestTotalPrincipalInterestTotal
(Outstanding at end of year)
Total public sector126,78985,483212,271145,393105,480250,873156,238122,184278,422177,733151,984329,717189,684180,202369,886
Central Government20,88120,89741,77824,63924,34148,98128,16727,14255,31031,84831,49063,33731,85835,80767,665
Official5,3754,94310,3186,0635,42811,4916,5805,77512,3557,2776,30513,5825,6585,68411,343
Caribbean Development Bank1,6042,6544,2572,0453,0095,0552,4963,3875,8832,9543,7836,7371,2193,0084,227
U.S. Eximbank2,3021,5073,8092,5021,5084,0102,7021,5084,2102,9021,5104,4123,0611,5124,573
OPEC Fund7502681,0187503291,0797503941,1447504621,2127505351,285
Other7195141,2347665821,3476324871,1196715501,2216286301,257
Commercial15,50515,95431,46018,57618,91437,49021,58721,36742,95424,57125,18449,75526,19930,12356,322
Banco do Brasil8,10010,95719,0578,10012,56120,6618,10014,27022,3708,10016,26724,3678,10018,53726,637
Credit Lyonnais4,7673,0117,7786,0154,17810,1937,2635,46312,7268,1456,91515,0608,1458,54416,689
Other2,6381,9864,6254,4612,1746,6366,2241,6347,8588,3262,00210,3289,9543,04312,997
Government guaranteed105,90864,586170,494120,75481,138201,892128,07095,042223,112145,886120,494266,380157,826144,394302,221
Official1,7104,4796,1881,5114,9376,4481,7375,2286,9652,2165,6977,9132,5295,9948,523
Caribbean Development Bank7762721,0483323136454054008044334779104495671,015
Other9344,2065,1401,1794,6245,8021,3334,8286,1611,7835,2207,0032,0805,4277,508
Commercial104,19860,107164,305119,24376,202195,445126,33389,814216,147143,670114,797258,467155,298138,400293,698
ABN Bank9582151,1731,1453041,4491,1903851,5751,3315521,8831,4117222,133
Cable and Wireless1,7452,7894,5342,7453,5266,2713,7454,2217,9664,7455,2219,9665,7456,46112,206
Ishikawajima-Harima Heavy Industries12,5378,10320,64015,0879,65724,74417,63711,13228,76920,18712,52132,70822,73713,81736,554
Italian Institute for Works Abroad6,3003,81910,1197,4084,82612,2347,4085,92613,3347,4087,12514,5337,4088,43315,841
Mirrlees-Blackstone6,4614,84311,3055,2224,6279,8505,1165,28610,4025,3976,43211,8295,3687,21512,582
Morgan Grenfell59,62531,10190,72568,45041,585110,03569,81449,151118,96577,81565,193143,00883,04580,365163,410
Ultrafin AG8,5305,88614,41610,6027,81118,41212,3339,12221,45516,44411,93728,38217,55014,51832,067
Other8,0423,35211,3948,5843,86512,4499,0904,59013,68010,3435,81616,15912,0356,86918,904
(Changes during year)
Memorandum items
Change in stock of arrears25,25522,29547,55018,60419,99738,60210,84516,70427,54921,49629,79951,29511,95128,21840,169
Central Government3,2503,2666,5163,7583,4447,2033,5282,8016,3293,6804,3478,028104,3184,328
Government guaranteed22,00519,02941,03414,84616,55331,3997,31713,90321,22017,81525,45243,26711,94123,90035,841
Valuation adjustment3247571,081-6,958-4,561-11,518-6,223-4,367-10,5897,1697,99015,159-2,1675,2233,056
Central Government-34-45-79-255-410-665-208-189-397-75245-16-10-26
Government guaranteed3588021,160-6,702-4,151-10,854-6,014-4,178-10,1927,1767,93915,114-2,1515,2333,082
Change in stock of arrears net of valuation adjustment24,93121,53746,46925,56224,55850,12017,06821,07138,13814,32721,80936,13514,11822,99537,113
Central Government3,2843,3116,5954,0143,8547,8683,7372,9906,7273,6874,2957,982254,3284,353
Government guaranteed21,64718,22639,87421,54820,70442,25213.33118,08131,41210,63917,51428,15314,09218,66732,759
Sources: Ministry of Finance; ECCB; and Fund staff estimates.
Sources: Ministry of Finance; ECCB; and Fund staff estimates.
Table 32.Antigua and Barbuda: Exchange Rates
Units per EC$Effective Exchange Rate 1/ 1980 = 100
SDRUS$£NominalReal 2/
Quarterly average
1991
I0.2620.3700.194106.495.9
II0.2770.3700.217110.099.3
III0.2660.3700.220110.699.6
IV0.2670.3700.209109.898.3
1992
I0.2670.3700.209110.598.3
II0.2660.3700.205110.598.0
III0.2550.3700.194108.395.9
IV0.2640.3700.234113.1100.1
1993
I0.2690.3700.251114.7101.6
II0.2620.3700.241114.9101.9
III0.2640.3700.246116.0102.6
IV0.2660.3700.248117.0103.4
1994
I0.2670.3700.249117.7104.1
II0.2620.3700.246117.4103.9
III0.2540.3700.239115.9102.5
IV0.2530.3700.233115.3101.9
1995
I0.2480.3700.230115.2101.7
II0.2370.3700.232113.399.9
III0.2440.3700.234114.6101.2
IV0.2480.3700.239115.8102.4
Annual average
19910.2680.3700.210109.298.3
19920.2630.3700.211110.698.1
19930.2650.3700.246115.6102.4
19940.2590.3700.242116.5103.1
19950.2450.3700.235114.7101.3
Sources: IMF, International Financial Statistics; and Fund staff estimates.

The weighting scheme used to calculate indices of nominal and real effective exchange rate is based on data for tourism receipts and on data for aggregate bilateral non-oil trade flows.

Deflated by relative consumer prices.

Sources: IMF, International Financial Statistics; and Fund staff estimates.

The weighting scheme used to calculate indices of nominal and real effective exchange rate is based on data for tourism receipts and on data for aggregate bilateral non-oil trade flows.

Deflated by relative consumer prices.

Appendices I
Antigua and Barbuda: Summary of the Tax System(As of April 30,1996)
TaxNature of TaxExemptions and DeductionsRates
1. Taxes on income, profits and payroll
Taxes on income
1.1 Law Cap. 266 Amended 1980, 1995Basis of assessment. The basis of assessment is the income of the previous calendar year for nonresidents and the accounting year for companies. Wage and salary earners are not subject to income tax. Pensions received by holders of permanent resident certificates are subject to income tax.Exemptions Official emoluments of Governor General, income (other than that derived from trade) of local authorities, statutory bodies, friendly societies, ecclesiastical, charitable, and educational institutions. Also, emoluments payable to permanent consular members, armed forces, wound and disability pensions and gratuities paid to armed forces, income of the Government Development Bank and Government Savings Bank, and income derived from any allowance to public officers, allowances to the Chief Justice of the West Indies and scholarships and other educational allowances. Income derived from investments on Government’s treasury bills and development bonds.Income tax is payable at graduated rates on chargeable income of nonresident individuals and at a flat rate for companies. The tax rate on pensions received by holders of permanent resident certificates is 5 percent; other rates are as follows:
(a) Individuals
Income bracketRate of tax (percent)
EC$1 - 1,000From 2 1/2 to 5
1,001 - 2,000From 7 1/2 to 10
2,001 - 4,000From 10 to 20
4,001 - 7,500From 20 to 30
7,501 -20,000From 35 to 45
20,001 - 30,000From 50 to 55
Over 30,00055
(b) Companies 40
Liability to income tax Nonresident individuals are taxed on income from any source within Antigua. Income tax is levied on the income of any company registered in Antigua and on the income of foreign companies which is generated in Antigua.Deductions include normal operating costs, interest, rent of land and industrial building depreciation, previous losses not already offset against income, income coming under the Hotels Aid Ordinance Act of 1952, the Fiscal Incentives Ordinance 1976. Contributions to charitable, religious, educational, and scientific institutions. Dividends are taxable in the shareholder’s hands.
Assessable income is defined as: (a) earnings in money or kind from employment; (b) profits from trade; (c) dividends, interest, and discounts; (d) pensions and annuities; (e) property income;Personal reliefs None.
(f) undistributed profits of a company controlled by no more than five persons may be deemed income of the shareholders and taxed as such, provided that it could be distributed without detriment to the company’s existing business. Subsequent distribution of such income is excluded from tax.
1.2 Business Tax Act Law 22/82, amended in 1994Individuals deriving income from a business are liable for the payment of a tax on that income.None.25 percent of chargeable income.
1.3 Nonresident withholding on accountPayments made to a nonresident in the form of a dividend, interest on discounts, rental, lease, premium on income, royalties, management fees, commission, annuities, or any other payment of an income nature are subject to withholding on account.None.Individual- 20 percent
Companies- 40 percent
Any other income- 25 percent
1.4 Education levy Board of Education Act, 1994A levy on wages and salaries (including overtime, but excluding tips and other nonwage income is withheld by the employer and paid into an Education Fund on a weekly or monthly basis. Income from self-employment also is subject to this levy; self-employed persons pay the levy monthly. A Board of Education established by the Government will authorize expenditures for education from this Fund.NoneThe levy is payable on wages and salaries, including overtime, and on self-employment income above EC$6,500 a year, as follows:
Annual IncomeRate of tax
EC$6,500-60,0002.5 percent
Over EC$60,0005 percent
2. Taxes on property
2.1 Land and buildings Laws: Cap. 267 Law 13, 15, 17 Amended 1979Basis of assessment. Annual rental value of house or area of land, or any property, subject to revision every five years.Government buildings used for public purposes, buildings owned and used by the University of the West Indies, buildings used for religious purposes.Land and buildings, from 3.5 percent to 20 percent of assessed annual rental value; for land, less than one half acre exempt.
2.2 Undeveloped land tax owned by nonbelongersA tax on declared undeveloped land.None5 percent first year, increasing 5 percent each additional year to a maximum of 20 percent.
2.3 Property transfer tax on nonbelongersA tax on transfers by nonbelongers to be paid by the vendors.None.5 percent of the capital gain.
A tax on property purchased by a noncitizen to be paid by the purchaser.None.5 percent of the value of property purchased.
2.4 Property transfer tax (part of stamp duty ordinance)Paid by means of stamps.None.2.5 percent paid by purchaser, 7.5 percent paid by vendor.
3. Taxes on goods and services
3.1 Consumption Tax Act 28/93Consumption taxes comprise ad valorem taxes on goods (mainly consumer durables and luxuries) payable by the importer. The same rate is applicable to locally produced goods (e.g., rum, cigarettes, and furniture). For purposes of the tax, imports are valued on the basis of c.i.f. value plus import duty.The Act incorporates a schedule of 12 exemptions, including military arms and munitions for government use; re-imports on which tax has been paid; articles for diplomatic personnel; certain personal effects; articles for use in and construction of schools; boats for shipping or commercial fishing and items pertaining to them; and second-hand clothing imported for charity.Most rates on taxable items are 15 percent, 20 percent or 30 percent. A few items (e.g., some motor vehicles firearms) are taxed at 50 percent.
3.2 Consumption tax on fuelSpecific.None.EC$2.95 per gallon of motor spirits. EC$2.89 per gallon of gas oil, diesel oil. EC$0.93 per gallon of kerosene.
3.3 Excise dutyLevied on locally manufactured rum.Collected only when excise duty is more than consumption tax.EC$1.32 per gallon.
3.4 Hotel accommodation tax-Law 18/94Paid by hotel proprietor.None.Rates vary from US$2 per person per night to US$6.
3.5 Hotel guest tax-Law 14/62Payable by guest on hotel bill, including room, food, and drink charges.None.6.5 percent.
3.6 Hotel guest levy 19/82Payable on each hotel bill.None.2 percent.
3.7 Embarkation taxPassengers embarking at an airport for external flights.Diplomats, in transit passengers.Embarkation: EC$30 for foreigners and EC$25 for nationals.
3.8 Travel tax - Law 4/78Payable on tickets abroad.Antiguans under 16 years and diplomats, people travelling to seek medical treatment.10 percent of cost of ticket.
3.9 Telecommunications tax - Law 7/74International telephone calls.None.20 percent of cost of telephone bill.
3.10 Cruise passenger taxVisiting cruise-ship passengers.None.US$6 per passenger.
3.11 Entertainment tax - Law Cap. 264, amended by - Law 18/94Tax on price of tickets.None.10 percent of cost of ticket.
3.12 Insurance premium levy - Law 6/77Levied on insurance policies other than vehicle insurance.None.3 percent of value of premium.
3.13 Casino tax - Law 10/63 amended 1969Tax paid by casino operators.None.Rate varies according to casino size; EC$300,000 maximum rate.
3.14 Lottery and betting taxLevied on betting and lottery tickets.None.15 percent.
3.15 Time-sharing occupancy taxLevied on the sale or resale of time-sharing intervals.None.5 percent of the purchase price of the time-sharing interval, paid by the developing owner.
3.16 Timesharing service taxLevied on the sale or resale of time-sharing intervals.None.5 percent of the purchase price of the time-sharing interval, paid by the managing agent.
4. Taxes on international trade
4.1 Import tariffs - Law 27/93The tariff structure implements the first stage of the CARICOM common external tariff (CET), and is based on the harmonized system nomenclature of CARICOM. Exceptions to standard CARICOM rates are specified in List A (rates on items not needing protection; they may be lowered at the national government’s discretion); List B (national list of exceptions generally lower than the CET; may be changed only by decision of CARICOM); and List C (rates may be raised for revenue purposes at the discretion of the national government).Imports exempt under industrial incentives legislation, or exempt under Hotel Aids Ordinance; imports by diplomatic personnel. Imports from within CARICOM are exempt from duty if they satisfy requirements on origin of production.Rates are in the range of 0-40 percent for nearly all items, and 70 percent for munitions.
4.2 Customs service charge Law 6/86, amended by Law 18/94Levied on the c.i.f. value of all imports.Imports exempt under industrial incentives legislation and under the Hotel Aids Ordinance. Diplomatic personnel.5 percent of c.i.f. value.
4.3 Export taxesLevied on lobsters and fish.None.Lobsters EC$0.50 per pound. Fish EC$0.10 per pound.
4.4 Foreign currency levy - Law 10/76Tax on purchases of foreign exchange by commercial banks payable by the customers.Transactions with a value of EC$25 or less.1 percent.
5. Other taxes
5.1 Stamp duties Law Cap. 270 amended 1977 and 1994Ad valorem and specific duties on a range of specified instruments including receipts, certificates, and other legal documents.Agreements of which the subject matter has a value of EC$25 or less; agreements for the hire of a laborer or manufacturer; and sales agreements.Subject matter value Stamp duty (in Eastern Caribbean dollars)
25-25010
251-50020
501-75040
751-100060
(duty rises by EC$20 per $250 increment in the value of the subject matter).
5.2 Stamp Duty (Amendment) Act 1986A tax payable by any bank or financial institution which provides loans to noncitizens.None.1 percent of the face value of the loan.
6. Licenses
6.1 Bank licensesAnnual license fee for domestic commercial banks.Antigua and Barbuda Development Bank.Antigua Commercial Bank ECS 10,000, other commercial banks EC$20,000.
6.2 Licenses under the International Business Corporation Act 28/82Annual license payable by businesses registered under the Act.None.Banks: US$5,000. Trust companies: US$2,500. Insurance companies: US$2,500. Others: US$500.
6.3 Business license 17/94Annual license payable by persons engaged in any commercial activity or other undertaking for profit.None.Annual fees for citizens vary from EC$50 to EC$5,000 depending on nature of business (EC$ 1,000 for professional services). Fees for noncitizens range from EC$50 to EC$ 10,000.
6.4 Licenses payable by insurers 21/82Annual license.None.For insurance companies: EC$5,000. For insurance agents: EC$500. For insurance brokers: EC$500. For special insurance brokers: EC$ 1,000. For insurance salesmen: EC$50.
6.5 Bottle licenseNone.EC$2,000ayear.
6.6 Liquor licenseLicense to sell liquor.None.Licenses range from EC$400 to EC$ 1,200 a year depending on the location of the establishment (EC$200 to EC$800 to sell only beer).
6.7 Hotel licenseLicense to sell liquor, based on number of rooms.None.From EC$3,000 to EC$ 12,000 a year depending on number of hotel rooms.
6.8 Importers licenseLicense to import liquor.None.EC$3,000a year.
6.9 Tavern, club licenseLicense to sell liquor.None.EC$400 to EC$2,000 a year, depending on location.
6.10 Tobacco licenseAnnual license to sell tobacco products.None.EC$50 for retail, EC$ 1,000 for wholesale, EC$ 1,500 to import and distribute.
6.11 Motor vehicle licenseAnnual license. Rate depends on engine size, and for commercial vehicles on the type of vehicle.NoneMotorcycles, EC$ 100 to EC$250; private automobiles, EC$ 125 to EC$450; and commercial vehicles, EC$250 to EC$2,500.
7 Fees
7.1 Passport feesNone.EC$20.
7.2 CitizenshipNone.CARICOM members EC$300. Nonmembers EC$ 1,000.
7.3 Extension of immigration permitNone.CARICOM members EC$50. Nonmembers EC$300.
7.4 Driver’s licensesLicenses for 1 and 3 years.None.Motorcycle EC$50 (1 year) and EC$120 (3 years); motor vehicles EC$60 (1 year), and EC$150 (3 years); chauffeur EC$75 (1 year) and EC$200 (3 years).
7.5 Other feesVarious.None.Driver examination EC$30; motor vehicle registration EC$100; visitors* permit to drive EC$50; registration of change of ownership EC$50; duplicate license EC$40; examination of vehicles EC$30.
7.6 Navigation servicesA charge per landing for navigation services provided.None.For aircraft up to 12,500 lbs: EC$15 From 12,501 to 75,000 lbs: EC$30 From 75,001 lbs: EC$90
Appendices II
Antigua and Barbuda: Earmarking of Government Revenue to Service Selected Loans(As of April 30, 1996)
Loan PurposeCreditor and AmountSource of Earmarked RevenueAmount Earmarked
I. External Loans
1. Loans contracted for St. John’s Harbour improvement (including dredging).Antigua Masonry Products (supplier, subsidiary of DEVCON-U.S. company). Loan amount was US$27.6 million.a) Aa of 1987 proceeds from lease of U.S. military base. b) As of April 1991 operating revenue of the Antigua Port Authority (collected by New Port Antigua Ltd.).a) US$500,000 a quarter. b) Variable.
2. Loans contracted to support the operations of the state utilities company (APUA) and the Antigua Port Authority.U.S. Export-Import Bank. Loan amount was US$7.1 million.As of 1987 proceeds from lease of U.S. military base.US$125,000 a quarter.
II. Domestic Loans
1. Loan for current expenditure.Swiss-American Bank. Amount of 10-year loan was EC$2 million, disbursed in April 1994.Consumption tax on petroleum products.EC$28,694a month.
2. Loan to pay salary arrears (EC$2.2 million) and to consolidate previous loans (EC$2.8 million).Swiss-American Bank. Amount of 5-year loan was EC$5 million, disbursed in December 1993.Consumption tax on petroleum products.EC$113,766 a month.
3. Loan to settle arrears to the CDB.Swiss-American Bank. Amount of 10-year loan was EC$10 million, of which EC$8.1 million was disbursed in January-April 1996.Consumption tax on petroleum products.EC$143,000a month.
4. Loan to assist in paying off CDB loan No. 18/SFR-A (Fisheries).Swiss-American Bank. Amount of 6-year loan was EC$4.8 million, disbursed in January 1995.Consumption tax on petroleum products.Not available.
5. Loan to assist in paying off CDB loan No. 18/SFR-A (Fisheries).Swiss-American Bank. Amount of 6-year loan was EC$4 million, disbursed in April 1995.Consumption tax on petroleum products.EC$99,579 a month.
6. Credit onlent to airline (LIAT) to ready it for privatization.Finance and Development Co. Ltd. Amount of 10-year loan was EC$10 million.Consumption tax on petroleum products.EC$146,410amonth.
7. Loan for roads project; disbursement of EC$1.9 million in July 1994 was consolidsted with previous loan of EC$2.2 million.Finance and Development Co. Ltd. Amount of 5-year loan was EC$4.2 million.Consumption tax on petroleum products.EC$98,010 a month.
8. Loan for roads project.Finance and Development Co. Ltd. Amount of 2-year loan was EC$4.5 million, disbursed in July 1994.Consumption tax on petroleum products.Not available.
9. Loan to purchase medical and construction equipment.Finance and Development Co. Ltd. Amount of 4-year loan was EC$2.2 million, disbursed in February 1995.Consumption tax on petroleum products.EC$67,000 a month.
10. Loan for renovation of Government House.Finance and Development Co. Ltd. Amount of loan was EC$2 million, disbursed in June 1995.Consumption tax on petroleum products.Not available.
11. Loan to assist with short-term payables to Hadeed Motors and to pay for equipment for the Ministry of Agriculture.Finance and Development Co. Ltd. Amount of 7-year loan was EC$8.5 million, disbursed in November 1995.Consumption tax on petroleum products.EC$154,632 a month.
12. Loan in January 1995 to finance current expenditure (backpay, regional organizations, etc.).Bank of Antigua. Amount of 15-year loan was EC$20 million.Consumption tax on petroleum products.EC$257,610 a month.
13. Loan to refurbish airport (EC$ 10 million) and for backpay of hospital specialists (EC$1 million).Bank of Antigua. Amount of 15-year loan was EC$11 million, of which about EC$6 million was disbursed in 1993, and EC$5 million in 1994.Airport landing fees.EC$ 159,200 a month.
14. Loan to settle arrears on airport project, owed to construction company.Caribbean Banking Corp. Amount of 4.5-year loan was EC$6.8 million.Government’s share of West Indies Oil Co. profits.Payments of EC$378,000 a quarter.
15. Loan for purchase of embassy property in Washington.Antigua Commercial Bank. Amount of 15-year loan was EC$1.7 million, disbursed in 1994.Government receipts from offshore companies.EC$l8,268 a month.
16. Loan to consolidate arrears, previous loans, purchase of CAT-Scan (EC$2.7 million), and other equipment.Antigua Commercial Bank. Amount of 15-year loan was EC$22.2 million, disbursed in 1993.a) Medical Benefits Scheme. b) Foreign currency levy. c) Prepaid income tax. d) Deep Bay Development Company Account.a) EC$56,066 a month b)EC$75,000 •month c) EC$ 100,000 a month d)EC$18,688a month (Remaining debt service of EC$45,332 a month ia to be paid from the Treasury’s Consolidated Fund.)
17. Loan to settle arreara to local supplier.Canadian Imperial Commercial Bank. Amount of 10-year loan was EC$7 million, disbursed in 1993.Partial servicing from: a) casino licensing fees; and b) taxes owed by Hadeed Co.a) EC$300,000a year from casino fees. b) EC$200,000a year from taxes owed by Hadeed Co.
18. Loan to settle arrears, previous loans.Canadian Imperial Commercial Bank. Amount of 7-year loan was EC$7.4 million, disbursed in 1992.Consumption tax on petroleum products.EC$200,000amonth.
19. Loan to consolidate arrears, previous loans.Bank of Nova Scotia. Amount of 7-year loan was EC$9.8 million, disbursed in 1993.Foreign currency levy. Stamp duty.EC$141,557 s month.
20. Loan to purchase harbour front land.Bank of Nova Scotia. Amount of 10-year loan was EC$2.7 million, disbursed in 1994.Foreign currency levy. Stamp duty.EC$20,000a month.
21. Loan to settle arrears on road construction, owed to construction company.Antigua and Barbuda Investment Bank. Amount of loan was EC$6.5 million, disbursed in January 1995.Consumption tax on petroleum products.EC$420,598 a quarter.
Sources: Ministry of Finance; Antigua Port Authority; commercial banks; and Fund staff estimates.
Sources: Ministry of Finance; Antigua Port Authority; commercial banks; and Fund staff estimates.

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