Minister of Foreign Affairs Fitzgerald Bramble on Thursday stated that for a developing island nation, understanding the macroeconomic fundamentals of national debt is the essential first step toward economic survival. He said debt levels do not exist in a vacuum; they dictate our ability to build hospitals, fund schools, and protect the vulnerable.
Bramble said the fiscal data inherited by this administration reveals a trajectory of borrowing that has significantly outpaced the nation’s productive capacity.
Comparative Analysis of National Debt Growth (2022–2025)
| Fiscal Year | Total Public Debt | Annual Increase (%) | Dollar Increase |
|---|---|---|---|
| 2022 | $2.261 Billion | — | — |
| 2023 | $2.579 Billion | 14% | $318 Million |
| 2024 | $3.127 Billion | 21% | $547 Million |
| 2025 | $3.539 Billion | 13% | $412 Million |
Bramble said the gravity of these figures is most evident in the “unacceptably low” return on investment. In 2024, the national debt surged by $547 million, yet the Gross Domestic Product (GDP) grew by only $228 million at market prices.
“It is vital to note that when this growth is adjusted for inflation (Real GDP), the disparity is even more profound. Essentially, the previous administration was borrowing at more than double the rate of economic production, meaning the funds did not qualitatively improve the lives of the 100,000 citizens they were meant to serve”.
“Today, our debt-to-GDP ratio stands at a staggering 103%. To put this in perspective for the average citizen: it is the economic equivalent of earning $5 a month but having to find $8 to pay back what you owe”.
This debt burden has reached a critical “Debt Service Ratio” of 41.7%. This means nearly 42 cents of every tax dollar earned by the government is immediately diverted to debt repayment.
“This constriction directly impacts our ability to fund modern healthcare, support community college students, and maintain infrastructure. To break this cycle, the government is moving beyond internal constraints to leverage our international standing”.