Deputy PM St Clair Leacock describes the inherited financial state of St Vincent as “rough,” necessitating a “clean sheet” approach to the national budget.
Leacock speaking on Boom FM 106.9 on Monday said while the public debt was initially announced at $3.1 billion, recent discoveries have pushed that figure closer to $3.4 billion.
This variance is attributed to “phantom” capital receipts and a lack of audits for the 2023-2025 period, he stated.
Leacock said the national debt-to-GDP ratio currently stands at approximately 96% and stated that there is a notable variance between documented debt and reality regarding Taiwan.
Official estimates reflected approximately $226 million (EC) in external debt, yet internal estimations suggest the figure is closer to $1 billion following significant borrowing by the previous administration.
Leacock said the administration is currently “juggling figures” to refine its presentation, as every new proposition on the floor significantly increases the required capital.
He said the government aims to shift from a focus on “bricks and mortar” to a “social development path.”
| Financial Metric | Reported/Initial Figure | Current Discovery/Estimate |
|---|---|---|
| Total Public Debt | $3.1 Billion | ~$3.4 Billion |
| Debt-to-GDP Ratio | 96% | Under Review |
| Debt to Taiwan | $226 Million | ~$1 Billion |