Grenadian Govt records increase in public debt
The public debt increased by 1.1 per cent during the first quarter of this year, according to figures released by the Grenada government.
It said the total Central Government and Government Guaranteed debt was EC$2,097.2 million as of the year's first four months.
“At the end of the first quarter of 2023, the stock of Central Government (CG) and Government-guaranteed (GG) debt was EC$2,097.2 million, 59.1 per cent of Gross Domestic Product. There was a 1.1 per cent increase in total CG and GG debt when compared to the previous quarter and a 0.7 per cent increase when compared to the same period in the previous year,” said the first quarter public debt bulletin.
It said the increase was primarily due to disbursements from the Republic of China on the St George’s Airport Runway and Road Upgrade loan.
The bulletin explained that during the one year covering the first quarter of 2022 to the first quarter of 2023, domestic debt decreased by eight per cent, but external debt increased by 3.1 per cent.
“As a percentage of Central Government and Government Guaranteed debt, domestic and external debts were 20.1 per cent and 79.9 per cent, respectively, at the end of March 2023. Government Guaranteed debt remained at 0.2 per cent of domestic debt.”
Regarding disbursements and net borrowing, the bulletin said that total disbursements received in the first year of 2023 were EC$29.6 million, with 86.2 per cent coming from the Government’s loan with the Republic of China.
The remaining 13.8 per cent was received from multilateral creditors, including the Barbados-based Caribbean Development Bank, the International Development Association of the World Bank, The International Bank for Reconstruction and Development and the International Fund for Agricultural Development.
“When compared to the previous quarter, disbursements increased marginally by 1.6 per cent, but when compared to the first quarter in 2022, when disbursements totalled EC$2.2 million only, there was a significant increase. Economic sectors for which funds were disbursed include infrastructure, agriculture, healthcare, tourism and education,” the bulletin noted.
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