Dominica’s debt almost $900-million

Dominica’s current external debt stands at $651.5 million dollars, according to figures revealed in the country’s parliament.

The House has been told that Dominica’s total disbursed outstanding debt at the end of the financial year 2011/12 amounted to EC$896.3 million.

Prime Minister Roosevelt Skerrit said that that figure was 3.4 per cent more than the previous year, when the debt stood at $866.2 million.

The 2011/2012 figure’s said to consist of external debt “of which $541.9 million is held by central government and $109.6 million is debt guaranteed for public corporations”.

That totals $651.5 million.

According to the prime minister, domestic debt for the same period was $202.2 million for central government, and debt guaranteed for public corporations was $42.6 million.

He said the increase in total disbursed outstanding debt is as a result of disbursements “on new and existing commitments”.

The government said during the financial year it contracted five external loans amounting to $75.9 million from the Caribbean Development Bank (CDB), the International Monetary Fund (IMF), and Agence Française de Dévelopement (AFD).

“The loans from CDB and IMF were contracted to repair damages caused by the Layou floods and Tropical Storm Ophelia, while the loan from AFD was contracted for the completion of the Roseau to Melville Hall Road project,” Prime Minister Skerrit told the House.

He also indicated that in December 2011 “a loan of $20 million was obtained to provide bridging finance, particularly for project implementation”.

Parliament’s been told that a three year medium term debt management strategy for the period 2010/11 to 2013/14 was developed to guide the management of Government’s debt.

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97 Comments

  1. April 20, 2014

    real answer mi want

  2. April 20, 2014

    What is the national debt for Dominica

  3. Anonymous
    July 20, 2012

    ok boy!yes I!and poverty still rising rapidly!something is definitely wrong!

  4. smh
    July 19, 2012

    Start making the hard decisions
    Cut some of those fat contracts you have for you partners dem. Freeze hires in the public service and try downsizing because we all know some posts are not necessary. Not wanting to take bread in anyone’s mouth but people retire so move people around let the qualified and experienced go up the ladder and do the job of some of those contract workers we definitely don’t need. Invest MORE in agriculture because without feeder roads farmers have difficulties. Abandon the office of the president just remove that because we all know he’s just a figurehead that has parties and doesn’t really “do” anything. Liverpool going so it’s high time someone did it. And charge drug dealers harder in court man them fines too soft let them pay 100,000 for bail non refundable.

    • me
      July 19, 2012

      and thats not including what we borrozed from the chinese……that info is for his eyes only

  5. Nudibranch
    July 19, 2012

    you want money, go after some of those big fish here who don’t pay or owe so much in back taxes.

    stop kissing up to the cruise ships and spend money to bring in stay over visitors, you have the report on air access. USE IT.

    a band aid wont fix whats wrong, so take a breath and do a good job repairing.

  6. me
    July 19, 2012

    I am not trying to bash the Government in anyway but looking at our small population and the high poverty and unemplyment rate on the island, the debt is insanely high.

  7. SiangUK
    July 19, 2012

    Now how of the commenters here, have also expressed the view that the PM should not go around begging.

    How many have called on Government to do this and do that and at the same time REDUCE/STOP vat in Dominica and DO NOT suggest an alternative.

    EC$900m is a lot.

    But most of the other OECS members would want to be in Dominica’s shoes regards this level of debt.

    • Anonymous1
      July 19, 2012

      Is Petrocaribe debt included in that figure?

  8. __________________
    July 19, 2012

    WOW! WOW! WOW! Look mis management of this poor country… Where has all the money gone? What can we see on the ground to justify that loan…
    ALAS PAPA…
    But what can you expect from a leader who is insulting his people. Go to Hell! Go to hell! Go to hell! No Constitution Can Stop Me!
    DEAL WITH THEM SKERRIT!

  9. ?????????
    July 19, 2012

    You call that 18-3. The next level of incompetency…A country being brought to Hell by Skerrit and the cabal.
    The poorest country in the OECS.
    DEAL WITH THEM SKERRO. They get what they wanted!

  10. Looking in
    July 19, 2012

    Seems be the poorest country in the region soon.
    Wonder how much of these debts were to service ‘the boys’ pockets and good times.

  11. I am Dominican
    July 18, 2012

    Whats all that crying about, we are surely moving to the next level,Can’t you all see something is happening, Skerro we love you for that, Give us some more debt please!!!

  12. Mamizoo
    July 18, 2012

    The hovernment of Dominica owing me $125.34 for a stationeries i bought to do their work so add that to the 90o million. Did they include the debt to social security.

  13. Choice X
    July 18, 2012

    Debt which debt. DNO must have made a mistake and mis quoted Mr.Skeritt(the beloved PM) Skeritt have told us all these years that is mostly GRANTS he was getting. WE are believing Skeritt instead of DNO since PM Skeritt never lies and he a GOOD man. That is why all dem priests and pastors love him. So DNO please change the figure so that it says grants instead of loans.

  14. Dasheen
    July 18, 2012

    That is very interesting to read. I live far away, but I have been to Dominica a few times and I am very fond of the country and the nation that inhabits the island. I wonder if anyone knows what is the ratio between the national debt and the total income/production (GDP)? That is a very good indicator on the financial status of the state. Talking about infrastructure and creating new jobs. Why doesn’t the government or the private sector see opportunities in fisheries and harvesting the resource of the ocean? If developed beyond the point of catching a few maimai or tuna to sell on the local market, it could provide export revenue and many well-payed jobs. I wish you guys luck in every way.

  15. anonymous2
    July 18, 2012

    Once the economic hit men get hold of what they coin as an “undeveloped country,” they have it in a debt hold for life under the pretenses of giving it aid in the form of IMF loans……and of course they hold your resources as collateral. Nothing but loan sharks.

  16. conscious
    July 18, 2012

    I am confused that DOMINICA has so much in debt when that country has been helping other countries.
    I think you are suppose to help yourself and if you are able to help others.

  17. HoD Docteur
    July 18, 2012

    Does this debt include the 40% of sales of Petro Caribe gas, which is loaned by Venezuela to Dominica-monies that Austrie treats as his own? If not, we need to add at least another Million + to the debt

  18. Anonymous
    July 18, 2012

    All I saw in the budget is more and more spending. I did not see anything for growing the economy. I just don’t understand these stupid people who are running this country put forth a budget allocating the highest amount to EDUCATION, and the LEAST amount to the two sectors that could help grow the economy.
    When you educate everyone where are the jobs you are giving them, so they could provide for themselves. I guess we will have an UNEMPLOYED EDUCATED POPULATION! go figure. What utter rubbish!!!

  19. 1979
    July 18, 2012

    My people come on man, that’s as far as you all can perceive?? the question is NOT JUST how much we are indebted, it is also TO WHOM are we indebted.

    THAT! is the question..

  20. RObin
    July 18, 2012

    DNO, is there a problem with my comments? Wait don’t answer that thanks alot for posting those that benefited this site. Just lost a reader but hey you got all those intellectuals cntributing here so you won’t miss one reader like myself!!

    • CAH-C-BRUCE
      July 19, 2012

      Las Playway Robin.

  21. July 18, 2012

    D/ca do not worry when i win the lotto I will pay off Dominica`s debt.?????????????

  22. fact check
    July 18, 2012

    All these borrowing and unemployment is at its highest level. What about the interests on these loans?
    He said the increase in total disbursed outstanding debt is as a result of disbursements “on new and existing commitments. What commitments? The continuation of the RED CLINIC?

  23. Akua
    July 18, 2012

    Wow! Dominica’s debt and the choice in which borrowed money has been directed is clearly malicious. This is beyond incompetence!

    This is like a starving family borrowing money from a neighbor to pay for Marpin rather than to start a business/find a job/gain a skill/education/training.

    For anyone who doubts this is part of a greater geo-political scheme, I suggest some light summer reading ‘Confessions of an Economic Hit Man’ by John Perkins.

    • _______________
      July 18, 2012

      What do you expect from a bunch of incompetent leaders from head to tail.It has to get worse. No wonder the country is one of the poorest in the region.

    • Soil Man
      July 19, 2012

      I AGREE

  24. Observing
    July 18, 2012

    Question: The economy is growing and we are more heavily indebted?

  25. vanessa
    July 18, 2012

    that like almost 20 time highter than France,they need to investigate where is all that money going to

  26. Dominican
    July 18, 2012

    Thats not much, each of us (Aged, Working,Unemployed, Retired, Baby, Child,Infirmed, Imprisoned etc.) has to repay just $15,000 and it clear.
    That should be possible to repay by the next financial budget, right Mr PM?

  27. Dominican
    July 18, 2012

    Mr. PM, dont worry with these comments, they will still say SKERRO, SKERRO :twisted: .
    Ca zor achet zor tapez. Any comments LABOURLEFTS becauce you were not right. :?: :?:

  28. airpt
    July 18, 2012

    That mean we can’t build a billion dollar airport like St. Vincent?..

    • islandboy
      July 18, 2012

      St.Vincent airport cost $650 million EC Dollars, still far from a billion.. Dominica should build their intl airport, these other islands like antigua,barbados enjoys the fact that dominica still relying on their airports as mini hubs for dominicans and returning dominicans. as we speak Antigua is building a NEW TERMINAL which is bigger than the terminal of st vincent, st lucia finally might be building their new terminal in less than 2 yrs from now i hope. so dominica pls do the same

  29. annalyst
    July 18, 2012

    wowowowowowowowowwowow! These figures are ridiculously high! Almost a Billion dollars in debtsss! waypapapapapaa! Chubbie song comes to mind: Dominiquen ka soufaire!
    What is the Government really doing? In such hard times, and so so debts well its worries in the camp!
    what’s in the budget to stimulate the economy? where are the investors gonna come from? Who is gonna provide employment for the folks? Its seems to be the order of the day that writing application forms is just an exercise of futility! The private sector just cant hire folk any more! What is in the budget to say to Dominicans that through this and that project and initiative the economy will improve? Year after year debt is rising sky high! Day after day things are getting tough! yet still more jobs are created for friends of the government and those who share their ideologies! One would doubt a non partisan person getting through with a job these days! And why weren’t the servants of the state, not take a salary cut so as to help pay the debts?
    One just has to say, sad but true, there is nothing fore the malaway in this budget as is the case of other budgets. An honest, soul searching question would be,” Is the country getting better with all these debts and so forth?” How is going the government going to find creative ways to foot these hefty bills?
    Simply put, To much time is spent politicking and campaigning in order to remain or get into power – in the case of the opposition, that there seem to be a disconnect between appearance and reality regarding Dominica and other issues of state!
    One would remember that the previous government was chastised for its carefree and mismanagement of the economy and other resources in Dominica. what has the present party done so far, catapulted the debts or brought in to normalcy! Pierro deceased with his austerity measures- what has the government given back to Dominicans for settling so many debts through the austerity measures? More debts and More Debts! Hard pill to swallow, with the government in power with so much egg on its face for damning the former regime yet they still planting seeds of great debts! Them fellas they bright, very bright!

  30. Big-Bannan
    July 18, 2012

    All that debt? Are they putting funds in the Villas and call it debt? What is going on

  31. Concern citizen
    July 18, 2012

    I was very concerned of the developments in the country and was wondering how was Dominica going to pay for all those improvements. Well I must say that the government has truly sold Dominica for the Chinese and Venezuelan government. Sorry for those who are there including my family. God please up your hands in these times of trouble.

  32. CAH-C-BRUCE
    July 18, 2012

    Very concerning that a country of Dominica’s size with so few resources would be in so much debt. Very worrying indeed.

  33. just saying
    July 18, 2012

    anyone who knows anything about world affairs would know that austerity measures and debt go hand in hand. the big financial institutions are not in the business of lowering any country’s debt. It’s the age old system reap the poor to feed the rich and we just feed off the crumbs

  34. المسلم_ دائما
    July 18, 2012

    When people borrow money on interest poverty will be the end result.

    Dominicans you need to open your eyes because the rich is definitely getting richer and the poor getting poorer.

    http://d1.islamhouse.com/data/en/ih_books/single/en_Interest_and_Its_Role_in_Economy_and_Life.pdf

  35. concern
    July 18, 2012

    god cancl all debt in jesus name

    • Jayson
      July 18, 2012

      My Mortgage included!

    • Fed Up
      July 18, 2012

      What the heck are you talking about?

    • Morihei Ueshiba
      July 19, 2012

      @concern Instead of asking God for strength & wisdom for you to pay off your debt you asking for cancellation u don’t want to work hard, u too LAZY! :mrgreen:

  36. concern
    July 18, 2012

    let us all dominicanz all around the world and in dominica ask god for a financial blessing for dominica.god you say ask and we shall recieved.seek and we shall find lord we dominican knock on heaven doors.god help us in jesus name amen

    • Dominica_Lover
      July 18, 2012

      Whatever the Chinese are doing seem to be working as they are not a Christians nation and we are. The Japanese are not ether and they are doing well. Singapore is the the wealthiest nation on earth and they too are not christian. Hmmmm, Dominica has been poor for generations and generations good christian people have come and go with all their prayers and yet we remain at an ever constant. I only wish prayers working cause I want them to work.

    • CAH-C-BRUCE
      July 18, 2012

      Concern, I also request that we unite in prayer that your grammatical skills improve.

    • CHARMER
      July 18, 2012

      Could you please capitalise our God?

  37. Gaia's Last Hope
    July 18, 2012

    you can tell by some comments the people who support the government and the people who do not. seriously.. this debt thing is not good for our country. i love Dominica, even though am not from here. 8)

  38. street side
    July 18, 2012

    Congrats Dominica this is what you call excellent Leadership,Vision of the Highest Calibre..wow

    The Caribbean should look towards Dominica as they Produce the Finest and Best Policy Makers

    But Sadly they have a University in Dominica which Brings the Birth of “IGNORANCE” to a level that The World is looking onto…

    Congrats again Dominica i surely admire your achievements towards getting your debt levels Higher..Please try getting it around the 7Billon Mark….

    Haha China you got the First island under your Belt for Re Colonisation….Lovely Paradise with Massive Natural Resources….Come along folks..

  39. Troll
    July 18, 2012

    The Chinese and Venezuelans will pay it for us… It is there country after all. :mrgreen:

  40. linky
    July 18, 2012

    they are a shame of saying that our national debte is over one billion so they are cuttiny it in several pieces to full thos laborrites.and they do finish borrowing from the chiness. bouch of hypocrites.

  41. Smh
    July 18, 2012

    BOY WHEN DCA GOING TO PAY THAT BACK ? THAT IS LOAD TO CARRY ; PAPAMETTT !

    • Anonymous1
      July 19, 2012

      We wont pay back because Tim-Tim say China will cancel all debt. Go double our external debt which is much higher than what is stated.

  42. Morihei Ueshiba
    July 18, 2012

    Boy Boy Boy LOOK DEBT on the backs of Dominicans, so every Dominican living in Dominica excluding any new borns have to pay EC$12,857.14, plus their mortgage, student loans & auto loans, & Vat BOY Skerrit Wicked! :wink:

  43. BLUE WAVET
    July 18, 2012

    UWP DEPT WAS OUT OF FREAKING CONTROL. THE UWP DEBT HAD US ON THE INTERNATIONALE BLACK LIST FOR YEARS. EVERY COUNTRY HAS DEBT YOU PPL NEED A LIFE SERIOUSLY

    • MET YO
      July 18, 2012

      hahahahahaha

      Lord Jesus, I does get jokes on DNO…

      Look one say debt putting a country on blacklist…

      But where they does come out nuh?…LOL

    • helas!
      July 19, 2012

      DOES NOT THAT MAKE THIS ONE RIGHT? I AM SO SICK OF YOU COLOR (BLUE AND RED PEOPLE) I HATE D/CA POLITICS!

      • D
        July 19, 2012

        well we know what happens when a bunch of uneducated people thinks they knows politics … we have people with little to no education running for office… what do u expect the outcome will be…

    • I am Dominica.
      July 19, 2012

      That is the biasness of D N O, see everything is in caps ,with inappropriate language yet it is there for all to see, when we make factual genuine comments they are removed.

  44. No say
    July 18, 2012

    With this debt we have not seen gtrowth in thr productive sector. Unemployment has risen; our importation bill is sky rocketing. How are we paying this debt through Mal VAT.

  45. me
    July 18, 2012

    i think we owe more! it’s just a matter of time before we sink! heaven help us!

  46. My2Sense
    July 18, 2012

    To be perfectly honest, $900 million is an “OK” figure in this day and age. The real problem is that not enough investments are being made in sectors that can reap direct internal benefits for Dominica.

    Our productive sectors need to be boosted. The new NBD loan programme is a decent start, but the criteria mirrors that of their normal commercial loan. What we need is a boost in our entrepreneurial spirit and the expertise that goes along with that. We need great business ideas and the management to run those businesses – forget the corruption and self-serving traits of the days gone by.

    This type of push should start in the primary school system. Alternative subjects such as agriculture, woodwork, mechanics, etc. should be introduced at an early age. At the tertiary level we need research into more contemporary agricultural and agro-processing techniques.

    Just a start…

    • July 18, 2012

      when it was $470 odd mil twelve years ago it was too much eh? remember?

      but now its ok….. double stndard

  47. Asterix
    July 18, 2012

    I thought in the time of UWP dept was a very bad thing and remember that the debt figures were no where close to these figures right now which is definitely higher as the petro caraibe figure was tactfully excluded. Not only that, our budgeted figures(for spending)were higher back then and have not grown but declined under this regime while the debt escalates. It’s just truly amazing the things we stood against then are the same things we stand for now. It’s not what it is but who it is that matters and this is why we are where we are.

  48. dhestini
    July 18, 2012

    896 million eh. minus the 8 million the government just gave to liat. that wld be 8 million less. or 8 million that cld have been used to provide more jobs and housing or to fix portions of that god-aweful roads we have to drive on. what did we get in return for that 8 million that was given away? summers coming up trying to take a trip to go to a c/bean island thats a 45 min plane ride. seems i have to raid a bank to do that. dont worry…i wont. but i’m just saying

  49. st joe unemployed
    July 18, 2012

    when uwp had 300 million all u labarats use to ball uwp put debt debt debt .. what all u have to show for the debt ..state malce

  50. Free Thinker
    July 18, 2012

    We like it so…… let us continue to remain ignorant because of our silence.
    God helps those who help themselves.

  51. massive
    July 18, 2012

    little dominica dat owing all dat $$$$$$ by the time my children born we will no longer own our country..each place we borrow frm will own a piece of dca

    • willy
      July 18, 2012

      I don’t agree with you but I had to laugh.

  52. Hmmmm....
    July 18, 2012

    It would be interesting to review the percentage of the 896.3 Million invested in productive sectors – tourism, agriculture, manufacturing, etc to facilitate repayment of the amounts owed.

    • Hmmmm....
      July 18, 2012

      Listening to a presentation by an MP – regarding the growth in GDP that Dominica experienced over the past three years. Some of that growth was attributed to positive developments in the Tourism industry – Positive developments in the Tourism industry? This does not seem to be consistent with news reports and facts that there was closure of a major tourist-based business (Aerial Tram); closure/ sale of one or more hotels or guesthouses; cancelling of calls for one major cruise line…but I don’t think the MP would misrepresent the facts so maybe I heard him wrong.

  53. justice
    July 18, 2012

    ophelia n layou floods dat hav malez,allu n friends dat spend d countrys money,ah ah ah scarerit.

  54. More Money
    July 18, 2012

    We need to borrow more to complete all our infrastructure and create investments. What are they gonna do to us…take Dominica away from us???

    St Lucia is at 2B plus and see where they are now.

    America is at 2 Trillion and they still taking mor

    We need another billion and you see how fast Dominica will be the center of the Caribbean

    • zor sort
      July 18, 2012

      that must be the dumbest statement someone has ever made

      • More Money
        July 18, 2012

        Why this is a dumb statement…how do you expect to grow the country?

        For Dominica to even start moving a nedle we need to put our infrstructure in place first and make it look presntable to invsestors.

        Yes the roads are being done, but lots more has to be done.

        What about the Ports????

        We have not addressed that

        You think VAT can do that?

        You think the Chinese can do that too, considering the hatred we have for these people..or the venezuelans

        If we cant get grants and aids we have to take loans

        We can’t seat on out buts and kep talking about bananas and crap

        We need more money to move this country

      • gods grace
        July 18, 2012

        i cant believe we are blessed with so many idiots

    • MIB
      July 18, 2012

      Only morons speak this way. And FYI, American is over $16 trillion in debt and it’s hurting their economy and growth. High debt is not good for any country.

      • D
        July 19, 2012

        @MIB… u would think that everyone would know that right…. America is in debt and right now states are going under and filling bankrupt….. Need I say more…. Dominica needs to find a way to make money or bring money into the island. It always bothers me when i come home and see how things made in Dominica are much more expensive than things bought in the US or CHina….

        Wake up people of Dominica… its no longer about Politics… soon your kids will not be able to go to school cause they will not be able to pay teachers… but then again once your leader is in power who cares about school right…?

    • dhestini
      July 18, 2012

      they cannot take dominica away fr us. but they sure can take the bread off u, ur children, their childrens children’s plates for generations to come. jeezzz..how much of an idiot cld u possibly be???

      • More Money
        July 18, 2012

        Read a book dude. Hector shares the same sentiment as me…read some intrnational news dude

    • Troll
      July 18, 2012

      Lol Comedian much! :mrgreen: :mrgreen:

    • plenty more money
      July 18, 2012

      Saint Kitts and Nevis is 3b the gov should take 2b and fix the place then the country would start to move stop small projects and do things good in vision of the next 50 yrs

    • islandboy
      July 18, 2012

      when u mention st lucia,are you refering that st lucia has done well or not done well with their 2billion debt ? please clarify

      i believe st lucia has among the losest debt to GDP RATIO in the region ..i think its 72%, -barbados + antigua + grenada are all at 100% DEPT TO GDP,[ST KITTS IS 200%] Imagine that, I believe trinidad is the lowest at 65% or less

  55. Fed Up
    July 18, 2012

    Okay so now we have the debt figures – how much money did the country generate? What industries are in place to enable the government to earn money? When a country (or individual) spends more than it (they) earns = Bankruptcy.

    • More Money
      July 18, 2012

      Very good points

  56. CAPACITY
    July 18, 2012

    over 1 billion is the true picture…that figure does not include our PETRO CARIBE DEBT that our minister of finance famously calls TECHNICAL ARREARS…you don’t believe me…SEE
    http://www.cbi.dm/audio/petrocaribanswer.htm
    our reality…OUR NATIONAL BUDGET IS LESS THAN HALF OUR TOTAL DEBT.

  57. unknown
    July 18, 2012

    they have money to give to LIAT but can’t payoff their debt.

  58. the eye
    July 18, 2012

    If the country of Dominica has a net total dept of $900 million and there seems to be so little development in its industry and infrastructure then we mus stop and ask our selves a simple question, “how long are we going to let these corrupt and incompetent government drag us down the drain of abject poverty? how long Dominicans, how long?

    • D
      July 19, 2012

      lol true question … as long as Skerrit is still in power and they can get a piece of ply wood then the story goes on….

  59. Channel 1
    July 18, 2012

    Something is definitely happening. Dominica is surely hurtling to the next level – the next level DOWN.

    Labouurrrrrrrrrrr………………..

  60. Tenderloin
    July 18, 2012

    OH.MY.GOD!!! 8-O 8-O 8-O

  61. Jo
    July 18, 2012

    Don’t forget the $20 million borrowed from National Bank!

    • Viewpoint
      July 18, 2012

      Idiot, read the article again:
      “He also indicated that in December 2011 “a loan of $20 million was obtained to provide bridging finance, particularly for project implementation””

      I guess u just want to make your point?!!…

      • Jo
        July 18, 2012

        Sorry Mr PM. Maybe I missed it. Or maybe it was added later?

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