DLP Government admits the national debt stood at $1.1 billion at the end of the2015-2016 fiscal year

​During his national budget address yesterday, Prime Minister Skerrit admitted that Dominica’s national debt stood at $1.1 Billion, at the end of the2015-2016 fiscal year. He said “At the end of fiscal year 2015/16, total public debt stood at $1.1-billion, consisting of external debt of $776.4 Million and domestic debt of $278.9 Million”.
 
He also revealed that central government debt accounted for $883.8 Million, of which $654.8 Million is external debt and $229 Million is Domestic debt. According to him, government guaranteed debt was $171.5 Million, which represents approximately 16.3% of the total debt portfolio. He said “These guaranteed debts are held by statutory institutions and agencies, with the AID Bank holding the largest share of 55%, followed by DOWASCO with 27%”.
 
He added that as at 30th June 2016, total debt to GDP was 77.8%, while government debt to GDP was 65.2%. “Debt service to current revenue for the public debt was 22.6%, central government debt service to current revenue was 16.5%”.
 
He indicated that during fiscal year 2015/16, new borrowing of $23.5 Million provided by the International Monetary Fund (IMF), was disbursed. Mr Skerrit said “This loan was for rehabilitation and reconstruction, due to damage caused by TS Erika. Government also re-issued quarterly treasury bills of $20 Million on the Regional Government Securities Market. Disbursements during the period under review, was $53.6 Million of which $45.5 Million was central government debt, and $8.1 Million was government guaranteed debt.”
 
Mr Skerrit said the larger part of central government debt is held by multilateral creditors, with the Caribbean Development Bank holding the largest share, followed by the World Bank.
 
Meantime, the Ministry of Finance will receive the highest allocation of $134.9 Million of the recurrent budget, whilst the Ministry of Education & Human Resource Development will receive the second highest allocation of $68.0 Million, or 15.3%.