Oct 13, 2021 News
Kaieteur News – Guyana’s outstanding stock of external debt grew by 2.6 percent to US$1,355 million from the end-December 2020 level. This is according to Bank of Guyana’s latest report on the nation’s economic performance at half year.
The Central Bank said that the increase resulted mainly from higher multilateral debt owed to the Inter-American Development Bank (IADB) and the International Development Association (IDA). Expounding further, the Central Bank said that obligations to the IADB and IDA rose by 8.5 percent and 3.7 percent to US$599 million and US$94 million, respectively, from end-December 2020. The financial institution said this outcome reflected an increase in disbursements of US$50 million and US$2 million from the respective institutions.
Further notes on the external debt stock were also found in the latest half-year Report produced by the Ministry of Finance. In that document, it was noted that the foregoing disbursements were made under two loans geared at combatting the COVID-19 pandemic.
With respect to obligations to the Caribbean Development Bank (CDB), Bank of Guyana said this declined by 2.6 percent to US$146 million from US$149 million at end-2020.
Furthermore, it was noted that total bilateral obligations, which accounted for 33.5 percent of total external debt, amounted to US$453 million, 2.1 percent lower than the end-December 2020 level. Bank of Guyana said this outcome was on account of lower disbursements from bilateral creditors during the first half of 2021.
Additionally, it was stated that debt obligations to the EximBank of China, which accounts for 53.3 percent of bilateral debt and 17.8 percent of total external debt, declined by 1.8 percent to US$242 million. The financial institution said this outcome reflected lower disbursements from China, coupled with higher debt servicing during the review period. As for debt obligations to Venezuela and Kuwait, this declined by 2.8 percent and 8.8 percent to US$102 million and US$21 million, respectively. In the case of Venezuela, the bank said payments were placed in an account but not disbursed due to sanctions.
The Central Bank was also keen to note that debt obligations to commercial banks amounted to US$16 million, down from US$17 million, at the end-December 2020, while adding that obligations to multilateral creditors which accounted for 64.2 percent of total external public debt, increased by 2.6 percent to US$870 million.
Kaieteur News understands that the external debt stock is projected to increase by 3.9 percent from its mid-year position to US$1.4B at the end of 2021. According to the Ministry of Finance, this is mainly driven by disbursements under several IDB funded projects.
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