debtPrime Minister Roosevelt Skerrit has revealed that at the end of the 2015-2016 fiscal year, the island’s debt stood at $1.1 billion.

He made that statement while presenting the 2015/2016 National Budget in Parliament on Tuesday.

“At the end of fiscal year 2015/16, total public debt stood at $1.1-billion, consisting of external debt of $776.4 million and domestic debt of $278.9 million,” he said.

The Prime Minister also revealed that central government debt accounted for $883.8-million of which $654.8-million is external debt and $229.0 million is domestic debt.

According to him, government guaranteed debt was $171.5 million which represents approximately 16.3 percent of the total debt portfolio.

“These guaranteed debts are held by statutory institutions and agencies, with the AID Bank holding the largest share of 55.0 percent, followed by DOWASCO with 27.0 percent,” Skerrit explained.

Furthermore, he stated, that as at June 30, 2016 total debt to GDP was 77.8 percent, while government debt to GDP was 65.2 percent.

“For the public debt, debt service to current revenue was 22.6 percent. For central government debt, debt service to current revenue was 16.5 percent,” he noted.

He indicated that during fiscal year 2015/16, new borrowing of $23.5-million provided by the International Monetary Fund (IMF), was disbursed.

“This loan was for rehabilitation and reconstruction purposes, due to damage caused by Tropical Storm Erika,” Skerrit stated. “Government also re-issued quarterly treasury bills of $20.0-million on the Regional Government Securities Market. Disbursements during the period under review, was $53.6-million of which $45.5-million was central government debt and $8.1-million was government guaranteed debt.”

Skerrit pointed out that the weighted average interest rates for central government’s, external and domestic debt portfolios, are 2.2 percent and 4.6 percent respectively.

“The average time to maturity of central government debt portfolio, is 7.4 years. Eighty-five (85) percent of the debt portfolio carries a fixed rate of interest; while 62 percent is denominated in foreign currency,” he said.

He said the larger part of central government debt is held by multilateral creditors, with the Caribbean Development Bank holding the largest share, followed by the World Bank.