St Vincent’s public debt stands at $2.1 billion as of Sept. 30, 2022

As of September 30^th, 2022, the total public debt amounted to two billion and one hundred and sixty-six million, five hundred and sixty thousand, eight hundred and two dollars ($2,166,560,802).  This figure is 4.1 percent more than the total disbursed outstanding public debt for the comparative period in 2021.

The total Domestic Debt which amounted to $555.0 million as of September 30, 2022, increased by 6.3 percent or $32.8 million when compared with the domestic debt for the same period in 2021.

The external debt for the period stood at $1.611 billion, an increase of 3.4 percent or $53.3 million when compared with the external debt as of September 30, 2021.

The main changes within the domestic debt portfolio over the period are as follows:

The balance outstanding on Overdrafts owed by the public sector increased by $17.6 million or 33.8 percent. The Local Loans portfolio fell by 9.2 percent or $10.6 million, as a result of amortization on a number of loans during the period.

Total Government Bonds and Notes issued and outstanding over the period increased by $51.8 million or 19.9 percent.

As of September 30, 2022, there was an increase in external debt by $53.3 million or 3.4 percent when compared to 2021.  The main drivers accounting for this change in the external indebtedness of the Government are the following;

Caribbean Development bank

Port Modernisation Project $69.4 m

Safety Nets for Vulnerable Population affected by COVID19 $16.1 m

School Improvement Project Phase I $11.9 m

NDM Disaster Risk Reduction & Climate Change Adaptation $3.7 m

TECH VOC Education & Training Development $7.3 m

World Bank/IDA

Volcano Eruption Emergency Response Project (VEEP) $30.9 m

Caribbean Regional Digital Transformation Project $4.5 m

OECS Regional Health Project $4.3 m

Human Development Service Delivery Project $4.4 m

Republic of China (on Taiwan) ROC

Modern High Court Project $6.8 m

Hotel Development Project $10.8 m

CARICOM Development Fund

Country Assistance Programme II (Hotel Development) $3.4

Notwithstanding the above, net repayments were recorded on a number of external loans during the period. Some of the more significant ones are:

$4.8 million repaid on some IMF loans;

$6.8 million repaid on ROC loans;

$11.8 million repaid on loans owed to the ALBA

$1.6 million paid on loans from CARICOM Development Fund (CDF)

$5.9 million paid on World Bank/IDA loans

The Public Debt as of September 30 2022 is comprised as follows:

Total debt service for 2023 is estimated at $282.9 million or 37.2 percent of the Current Revenue.  The Debt Service requirements for 2023 are made up of:

Interest Payments $ 80.3 m

Amortization $180.6 m

Sinking Fund Contributions $  22.0 m

$282.9 m