Latest update April 24th, 2024 12:59 AM
Jul 08, 2022 News
Kaieteur News – The Bank of Guyana (BoG) report, documenting the country’s performance in the first three months of the year, has found that the state now owes an additional US$124.4 million in debt, bringing the total to US$3.248 billion.
According to the document, “the total stock of public debt, which comprises both external and domestic debt, increased by 4.0 percent or US$124.4 million to US$3,248.6 million compared to the end-December 2021 position.”
It was explained that the domestic debt stock increased to G$389.469 billion or US$1.868 million during the review period, on account of increased issuance of treasury bills for Central Government’s budgetary financing. At the end of December 2021, the total domestic debt stood at G$361.513 million or US$1.734 million.
The Bank noted that domestic debt service payments decreased by 17.4 percent, as a result of lower principal repayments on treasury bills, particularly, the 182-day bill. “Total domestic principal and interest payments were G$24,004 million and G$325.2 million, respectively. Domestic debt service payments accounted for 44.8 percent of government revenue.”
Notably, during the first three months of the year, the stock of external debt decreased to US$1,383 million on account of declines in both multilateral and bilateral debt stock during the review period. This was attributed to higher debt service payments to both categories of creditors, BoG said.
Meanwhile, external debt service payments, which accounted for some two percent of export earnings, increased by 3.3 percent, mainly due to increased principal payments to both multilateral and bilateral creditors, and higher interest payments to multilateral creditors. “Reserve money fell by 3.7 percent while broad money grew by 1.3 percent during the first quarter of 2022. The former reflected a decline in net foreign assets of the Bank of Guyana while the latter was on account of expansions in net domestic credit and other items (net),” the Report explains.
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