ANGUILLA ANNUAL DEBT PORTFOLIO REVIEW 2019

GOVERNMENT OF ANGUILLA DEBT PORTFOLIO REVIEW 2015 -2019

Prepared by the Debt Management Unit,

Ministry of Finance and Health, Government of Anguilla

September 2020

ACRONYMS

AASPA	Anguilla Air and Sea Ports Authority
ACC	Anguilla Community College
ASSB	Anguilla Social Security Board
ATB	Anguilla Tourist Board
ATM	Average Time to Maturity
ATR	Average Time to Re-fixing
BGs	Borrowing Guidelines
CCB	Caribbean Commercial Bank Anguilla Ltd
CDB	Caribbean Development Bank
DMU	Debt Management Unit
DPT	Depositors' Protection Trust
DSA	Debt Sustainability Assessment
ECCB	Eastern Caribbean Central Bank
ECCU	Eastern Caribbean Currency Union
EIB	European Investment Bank
FAA	Financial Administration and Audit Act
FFSD	Framework for Fiscal Sustainability and Development
GDP	Gross Domestic Product
GoA	Government of Anguilla
NBA	National Bank of Anguilla Ltd
NCBA	National Commercial Bank of Anguilla
NDAC	National Debt Advisory Committee
MFEDICT	Ministry of Finance, Economic Development, Investment, Commerce and Tourism
MTDS	Medium Term Debt Strategy
m	million
OCR	Ordinary Capital Resources
PAS	Principal Assistant Secretary
PBL	Policy-Based Loan
PS	Permanent Secretary
SFR	Special Fund Resources
UKG	United Kingdom Government

	TABLE OF CONTENTS
ACRONYMS...............................................................................................................................................	iii
LIST OF FIGURES ........................................................................................................................................	v
LIST OF TABLES..........................................................................................................................................	v
EXECUTIVE SUMMARY ............................................................................................................................	2
SECTION 1.0 OVERVIEW OF ANGUILLA'S ECONOMY ...................................................................	3
1.1	Introduction.....................................................................................................................................	3
1.2	Macroeconomic Developments ......................................................................................................	4
1.3	The 2016 Banking Resolution ........................................................................................................	7
SECTION 2.0 PUBLIC DEBT STRUCTURE AND RATIOS..................................................................	8
2.1	Total Public Debt ............................................................................................................................	8
2.2	Public Debt Composition..............................................................................................................	10
2.3	Debt by Economic Sector .................................................................................................................	15
2.4	New Borrowing, Disbursements and Debt Service Payments ......................................................	15
2.5	Risk/Cost Analysis........................................................................................................................	17
2.6	Debt Sustainability Indicators.......................................................................................................	20
2.7	FFSD Ratios..................................................................................................................................	22
SECTION 3.0 CONCLUSION...................................................................................................................	24
APPENDICES ..............................................................................................................................................	25
Appendix 1: Selected Economic Indicators ..............................................................................................	25
Appendix 2: Disbursements by Selected Creditors(EC$m)......................................................................	26
Appendix 3: Principal Repayments by Selected Creditors .......................................................................	26
Appendix 4: Legal and Institutional Framework ......................................................................................	27