Dominica’s debt stands at $1.1-billion

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.

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37 Comments

  1. There would be nothing wrong if the country owed ten billion dollars, providing that ten billion was invested into some venture which produces dividends to repay the principal, and interest, which will amount to many millions.

    The problem is Skerrit borrows money to run the country; he uses that to pay civil servants, and his only God knows how many ministers, and so called ambassadors sitting on the behind doing nothing. He utilized most of it to buy votes., and pay his political appointees some of them who cannot even read, nor understand a single sentence in the English language.

    This is a sad situation, how long will this continue?

    I been trying to inform the nation that Dominica was long bankrupt; as we found out after Erika, those who thought I was kidding, may believe me now that Skerrit has confirm that he has bankrupt the country!

  2. Louis Bernard
    July 28, 2016

    When one owes more than they own, e.g. all that one has in life is worth $100.00, but they owe $120.00 that person or company is deemed to be insolvent/bankrupt. For those persons who in the past used the term bankrupt loosely, in attempts to define the UWP administration, must now be scrambling to find a new definition for BANKRUPT, and/or INSOLVENT, since by this admission, although the numbers provided are suspect, Dominica is a Bankrupt State thanks to the Skerrit led Dominica Labour Party (Damn Lies& Propaganda). I would like to hear from all those wannabe analyst who were talking about DEBT to GDP ratio, without providing any credible source documents, that the debt to GDP ratio under the UWP administration was other than 64%. Now that the ratio is in excess of 100%, they have all gone silent. DOMINICANS! the country is in serious DOODOO.

  3. July 27, 2016

    Good, I not living under Skerrit, and his magee :-D :-D

  4. Mein Kampf
    July 27, 2016

    U lying u never included China & Venezuela debt

    • UDOHREADYET
      July 27, 2016

      Those were grants not loans also that amount would be included in external debt. Second why on earth would the government lie about debt. its information that’s readily available to everyone in the public.

  5. LifeandDeath
    July 27, 2016

    Many Dominicans must take some time to ask themselves “WHY”
    that even after millions are collected from the CBI program annually, Grants for capital projects are also collected from EU. Venezuela, China etc..
    Why is the debt still climbing annually..The Gov’t say that so much of the CBI is spent doing work on island etc..Grant money still spent doing works..where is all that Debt money going? how is it that the average Dominican not enjoying a better standard of living? Why is the Tax still high?
    This gov’t need to get serious..something’s amiss and they need to be clear and truthful to the ppl..’cause many more will suffer as times go by..Children will leave in droves and Social Security will fall..The old ppl will suffer..
    This gov’t is really really irresponsible. Dominicans need to take stock and ask them to explain..

  6. Lang Mama
    July 27, 2016

    We have 4 times the debt that UWP left and the people have not benifited financially. There is more poverty and higher unemployment. Si what we have is a family that spent money on fast cars, crack and women and they cannot pay food, utility and other essential bills. The only income stream is the sale of passports.

  7. FORKIT
    July 27, 2016

    what about the petro debt?.

  8. Dave Bertrand
    July 27, 2016

    I wonder how many more passports Skerrit will have to sell?

  9. Concern Citizen
    July 27, 2016

    Debt Per Capita for Dominica is Total Nationa Debt of EC$1,100,000,000.00 Divided by Estimated Total End of Year Population (2014) 71,994 = EC$15,275.05.

    This means that EC$ 15, 275.05 Per Person or approximately EC$45, 837.15 Per Households.

  10. Reasoning
    July 27, 2016

    :?: I would like the people and labour party rogue government to divide three hundred million dollars ($300,000.000) into one billion one hundred million dollars($1,100.000.000) and find out how many times :?: We crucified the UWP government and voted them out of office by any means claiming they put the island in a debt that can never be paid of $300,000.000 for which we still blame them for the present economic situation on the island. Instead of the present illegal rogue government headed by a prime mistake, try clearing the debt,they more than tripled it,with nothing to show,more poverty and less employment. In the days of the UWP,i was better off and so were many people in the in construction and agriculture, to name a few. I was not a supporter of the UWP,as i was drawn to Roosie Douglas and his political movement. I am guilty of helping to remove the UWP government by any means and putting the country in the current bad economic crisis that it is in,under a rogue government!!!

  11. Smart
    July 27, 2016

    Congratulations to the PM and the Dlp for reminding Domincans that the national debt is in the billions.. That’s goood to know my PM. After such leadership, did any expect better?
    It’s just another waste of time budget presentation…. Nothing news…
    Then what made the waste of time budget even better is the speech by the president. Wow Mr president and Mr PM., you guys are true patriots…. Selling passports to make money while things getting worst in Dominca.
    Skerritt legacy will be the national debt, brought to billions. Dominca wanna be a billionaire… In debt debt debt

  12. July 27, 2016

    It will continue more and more every day unless the gov’t invest with the money that they loan in order to reproduce ,export ,import and upgrade the system ..Port taxes are much too high ,people cannot afford it,families pay much more for good sent at the ports than the value of the goods.How long can the gov’t allow this to go on? Passports don’t reproduce ,the passports money is used to pay civil servants.Any country who uses loans to pay its workers is doomed in advance.

  13. Extremely
    July 26, 2016

    one sale of passport can handle that

  14. RASTAFARI
    July 26, 2016

    god save us from them! too much misery and poverty in such a small country and you “South City,” taking about Antigua and st.lucia in a similar situation! Hipocrites!

  15. When Skerrit opens his mouth to say debt is $1.1 billion, expect the true debt is somewhere north of $2.4 billion . ………I have a hard time believing anything he says

  16. Sold in and with debt
    July 26, 2016

    Really and sad to say that many Dominicans just do not care whether their country sink or float. They think that when the country sinks, is badly damaged economically and poverty increases, when crime and violence reek havoc, is one set who would be affected.

    The main source of income for the rural folks in the communities was, is earned through hard work in agriculture, for instance. Skerritt and his Govt has virtually killed that sector and impoverished the people in the villages all over Dominica.

    The selling of our passports benefit only, yes only, a few. They are making MILLIONS in quick time. How many Dominicans could have a million to save in NBD, in less than no time? A teacher, farmer have to work until death. Millions hidden in foreign banks. The Panama Papers have exposed some. Dominica and others with business in Dominica mentioned..

    Where are those projects Coffee Plant, Geothermal, abattoir, among others that are are at a standstill?
    Badly Budged.

  17. jonathan st jean
    July 26, 2016

    When Skerritt and his administration came into office the national debt was $300 plus million,today we talking billion,but the question is what do we have to show for it.The economy has been mismanaged by Skerritt and his group of incompetent bafooons.

    • economic & political D/can comedy by J St.Jean
      July 27, 2016

      How long ago did U migrate Jonathan? The Cage you live in currently didn’t the rent go up since 199….. from 500 to 1100?
      N.B No supporter of current regime nor opposition to which you belong or short lol
      Haven’t the products at the green goscery where U work go up despite subsidies by the PA dept of Agri and th Federal DFA?

      • Jonathan St Jean
        July 30, 2016

        You talk such nonsense,you won’t put your name next to it.I left Dominica in 1997,for your information.I’m happy to inform you that I own my own home,in Montgomery county,Philadelphia,it’s not a cage and I’m doing quite well and enjoying a good standard of living.You on the other hand have allowed Skerritt and his handlers to turn you into a act at their circus act in their circus show .Philadelphia is a world class city,which just hosted the Democratic convention and had an opportunity to showcase itself.Small minds discuss people and things they don’t know about,like you are doing,But intelligent minds discuss issues and ideas.You are entitled to remain in your circus show,i’ll defend your right to do what you want to do and be what you want to be.Monkey by PA Dept of agriculture subsidizing food items is one way to boost the sector and ensure people get food to eat.There are no taxes on food and clothing in Pennsylvania.Nothing wrong with that and the state can afford it.

      • Jonathan St Jean
        July 30, 2016

        Never worked for any green grocery Sir,i work in the banking sector since 1997.Either way there is nothing wrong in working for a green grocery.You sound elitists and stupid to decry work.PA has a lot of work whilst Dominica has a lot of unemployment.Go figure

  18. Are you serious?
    July 26, 2016

    whats happening in Antigua and or St. Lucia has nothing to do with Dominica. Why do you fools keep playing these political games? Dominica’s debt has to do with Dominica. That’s what we (the people) are concerned about. I support the PM, but I always hate when people take all Dominicans for fool. STOP THE POLITICS.

    • LifeandDeath
      July 27, 2016

      Interesting point. Especially when Antigua and St.Lucia has the infrastructure to show for their debt and Dominica still has grass around every corner. This PM is bad news for Dominica though..he’s clueless and lacks vision..a major failure..he remains pompous still ’cause of undeserving support.

  19. Is this good or bad debt???
    July 26, 2016

    Typically, one assess a good debt to be one where the returns realize can be measured as in the case of rental properties like building for rent etc. Now even with the aforementioned if a profit is not realized one can loose their property. So, where was all this money spent and can we really say that we are getting value for this $1.1B? To date the economy does not have a single export that brings measured revenue that should the sale of passport business tanks we have something to fall back on. Now given the lack of sustainable jobs the collection of social security is under threat of being bankrupt. Are we in a pancake economy where the people who can see the end before it happens are not investing in this economy and holding their money/rather saving it and hope the colorful presentations will create a fools paradise type surge of investment. I believe that one needs to be cautious where any investment is concern, because the incentive for investments are few and far between. God!!

  20. missy white
    July 26, 2016

    I am not satisfied with this balance sheet…who is in charge here…we the pple or roosevelt skeritt…maybe i’m nt seeing light, so sombody pls show me where in this borejet tht has sustainable employment and development for my country…same old…A titanic borejet…Sinking…

  21. My Heart Bleeds For Dominica
    July 26, 2016

    A very poor and low level of intelligence PM is crippling Dominica!

    The art of leading Dominicans to deliberately create results that wouldn’t have happened otherwise has long eluded him – not that he has ever demonstrated the ability to make good judgements and take quick decisions.

    Under his watch / stewardship and by his antics, time and time again you see:
    1. A lack of SELF-AWARENESS
    2. A lack of SELF-DIRECTION
    3. A lack of VISION
    4. A lack of ABILITY TO MOTIVATE
    5. A lack of SOCIAL AWARENESS

    So, there is nothing wrong with the Labour Party, UWP, Freedom… or for that matter Papee, it is just that Dominica is unfortunate to have landed an inept PM who demonstrate having or showing no skill and clumsy.

  22. RMS hospital
    July 26, 2016

    So is government alone that owing ?what about those famous electrician in the north that owing their workers?
    Government owe to build the country but why don’t top electricians pay their workers

  23. Doc. Love
    July 26, 2016

    By the time Skeritt leaves office the national debt will be approximately ten billion dollars. What an excellent legacy for him to leave for his children and grand children. In time to come, Skeritt is doing to be called the billion dollar man, wow.

  24. papa
    July 26, 2016

    Pm u should be ashamed for how long u in office da still the same and even worse

  25. papa
    July 26, 2016

    Where it went to country not develope

  26. %
    July 26, 2016

    Its bad governance by an inept, incompetent and evil regime..Sometimes we are being told certain capital projects are grants,then we are being told they are loans..Like the passport sales,,this corrupt DLP lacks TRANSPARENCY and Accountability with respect to matters of state… What do we have on the ground to justify this mammoth NATIONAL DEBT? Those who can’t hear will feel!!!!! WICKEDS YOU ALL ARE!!!!

  27. Joe
    July 26, 2016

    our debt position is reasonable for a small developing state!!!!

  28. Mwen
    July 26, 2016

    I wonder if the Petro Carib Debt is included in this report.
    Please let us know because if Maduro is ousted, the new leaders will; come looking for their money in order to wake up their economy…

  29. South City
    July 26, 2016

    The debt is also Sky Rocketing in Antigua and St. Lucia respectively. The islands are not in it.

    • Rocky Hills
      July 26, 2016

      South City, what u fail to understand is that they’re still better off economic wise than DA.

      They have sectors which are performing whereby DA has zeros…

      Why do Dcans still flock to antigua for work? at least they have something going on..
      Both St.Lucia and Antigua have a Tourism Industry which has vision and striving….

      There wages are higher than us in Dominica.
      DA has nothing to show for this alarming rate? so means our regime is too large salary wise, and the dole style module is crippling the economy, as there aren’t growth tools..

      Dominica has the worst regime ever in the entire Eastern Caribbean, and that’s factual as they headline as the Poorest and Slowest economy in the OECS…

    • Just asking SC/Grand bay.
      July 26, 2016

      The islands are not in it. am not clear re: ur last sentence/statement. Do U mean yo fini bat?
      If you mean the islands are not in it otherwise then my next question would be aren’t St.lucia, Antigua islands? I did not really get ur drift South city!

    • Dominican Passports
      July 26, 2016

      Typical Grandbay supporter… Typical

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