Dominica national debt stands a little bit over $700-million with an external debt of over $500-million.
This was revealed by director of audit, Clarence Christian, on state-owned DBS Radio’s Talking Point.
There has been much discussion on the island’s debt recently on social media and blog pages, with some saying it stands at over $1-billion.
But based on Christian’s disclosure, this does not appear to be the case.
According to him Dominica’s debt stands at $702, 080,779.
He breaks it down as follows:
Domestic debts (bonds) …………$118,916,069
Domestic debts (treasury bills)…..$44,189,000
Domestic debts (loans at banks)….$32,388,825
External debts (loans)………….$520,936,599
Value of unpaid checks………….$3,397,391
He explained that unpaid cheques are cheques that are in the treasury and have not been collected.
Christian went on to say that there is something called ‘domestic contingent liabilities’ which forms part of the national debt.
According to him domestic contingent liabilities are loans guaranteed to statutory corporations and bodies but they are not paid by the national treasury; they are instead paid by the coporations and bodies.
This is broken down as follows:
Domestic contingent liabilities ….$58,273,851
External contingent liabilities ..$17,755,903
“So if you add the central government debt and the debt of the statutory corporations, this makes a total national debt of $878, 110,733,” Christian said.
“This is about 68 percent of gross domestic product,” he said.