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Govt. racked up 11 loans in 2023 totaling $222 billion – AG Report
Kaieteur News – The Auditor General’s Report for 2023 reveals that the Government of Guyana (GoG) borrowed a total of $222.484 billion through 11 loan agreements. The loans were sourced from various international financial institutions, with funding focusing on health care, road infrastructure, housing, and climate resilience.
Among the major contributors were the Inter-American Development Bank (IDB), Bank of China, Global Affairs Canada, and the Saudi Fund for Development.
Highlighted loans include a $41.7 billion loan from the Islamic Development Bank (IsDB) for the reconstruction of the Soesdyke-Linden Highway, a $40.7 billion loan from the Bank of China to support the East Coast Demerara Road Project Phase 2, a $33.36 billion loan from the IDB for strengthening health care in
Senior Minister within the Office of the President with the Responsibility for Finance, Dr. Ashni Singh.
frastructure under the Conditional Credit Line for Investment Projects (CCLIP).
The report also details smaller loans aimed at enhancing human capital development and policy reforms, with donors such as the International Development Association (IDA) and Global Affairs Canada playing key roles.
In addition to the new loans, three agreements contracted before 2023 were amended this year. It was stated that in response to growing financial needs, the Government of Guyana raised the external debt ceiling in February 2021 to $650 billion. A subsequent increase in July 2023 brought the ceiling to $900 billion, followed by another adjustment in February 2024, pushing the limit to $1.5 trillion.
Kaieteur News has reported that Guyana’s total debt has risen sharply, exceeding US$5 billion by mid-2024, according to the Ministry of Finance’s Mid-Year Report. As of June 2024, the country’s debt stood at US$5,063.3 million, up from US$4,508.8 million at the end of December 2023.
As of the end of June 2024, external Public and publicly guaranteed debt totaled US$1,924.2 million. The ministry stated that this increase is attributed to positive net flows from multilateral creditors such as the World Bank’s International Development Association and the Caribbean Development Bank, as well as from bilateral creditors including China, Canada, India, and UK Export Finance. These funds support various social and infrastructural projects. Notably, the report states that the external PPG debt stock is projected to grow to US$2,832.3 million by the end of 2024, driven by expected continued inflows from both bilateral and multilateral sources.
(Govt. racked up 11 loans in 2023 totaling $222 billion)
- Bank of China, borrow, Debt, Global Affairs Canada, IDB, loans, Mid-Year Report, roads, Saudi Fund for Development
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