Dominica’s national debt revealed; external debt biggest chunk

Direct of Audit Clarence Christian
Direct of Audit Clarence Christian

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.

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134 Comments

  1. workers I voting
    July 2, 2013

    Please DNO put this bac as headline or we need to see these post a bit longer.Or maybe a debate section would be appropriate.Workerssssssssssssssssssss I voting!!!!

  2. Frabo
    July 2, 2013

    “Borrowing” is good! the more money they “Borrow” the richer they become. No transparency. But somebody’s gonna pay for it.

  3. TED Lewis
    July 1, 2013

    To all who want to know the truth please read the DEC 2012 economic review by the ECCB.

    http://www.eccb-centralbank.org/PDF/annual_efr_2012(1).pdf

  4. TED Lewis
    July 1, 2013

    Admin

    You all always seems to amaze me. an important issue as this .one of national interest and it cannot remain a few days on the front page. hmm

  5. JUDGE DREDD
    June 30, 2013

    dumbinicans, who doh hear will feel, and as for you christian, you are one lying son of a %$#@…

    TIME WILL TELL

  6. tim
    June 30, 2013

    i can never vote labour even if they pay me this is over doing stupess

  7. same
    June 30, 2013

    SORRY I MEANT 470 MILLION NOT 740

  8. MY VOICE
    June 30, 2013

    That dosen’t mean that I will hate my Government for this. Too many lazy people in Dominica that’s the problem. Any Government that come in Dominica will have hard time and will b=have to spend because the people are spoiled and use the Governments are dotish b..tards.

    Don’t wait on the Government to tell you to plant the ground that your have grass growing on for years. Support the Government in the Geothermal plant, this is going to be our economic salvation.

    I believe in the DLP becuase when I see other islands are struggling with their BILLIONS OF DOLLARS DEBT SUCH AS IN BARBADOS, ANTIGUA AND ST LUCIA i thank GOD that I can still live in Dominica from my farm because dog is not better than me. We need to MOTIVATE ourselves and not look to someone to do it for us not DLP nor UWP.

    DOMINICANS NEED TO REMOVE OURSELVES FROM MENTAL OF MENTAL AND POLITICAL DEPENDENCE WAKE UP SMELL THE BUSH TEA AND USE OUR RESOURCES FOR THE GREATER GOOD.

    • judy
      July 2, 2013

      Well said

  9. conscious
    June 29, 2013

    When you are too lazy to think or analyse what information given to you naturally you believe everything. Over the years the prime minister has given information but do they make any sense. These information should be analyse like solving a puzzle. If the pieces does not fit. There should be a problem in everyone mind. To those people who enjoyed the assumed free plane ride to return to DOMINICA to vote every time fellow Dominicans suffer you are going to suffer too. You did not think of them you only thought of yourselves.

  10. Rastar-Marn
    June 29, 2013

    Mr. Christian could your office please provide a PDF copy/version of your Findings’ Statement of accounting???

    Also could you please provide The Comprehensive Annual financial Statements/ Reports???

    Could some One please post a link to the government’s page where Marn could check out the numbers???

    Doh juss come dere talking without backing up statement with hard data Dred,,,

    In dese Times we all have access to the know-ledge, long gone are those days when the elites were the ones knowing All, so proof up or just crawl back in the hole you came from with your bogus numbers,,,

  11. June 29, 2013

    its funny that some of you say that when uwp was there the debt was 400 million uwp spent just 4yrs in office and labor has almost 15yrs in office and the debt just went up by another 400 million so labor has done better than uwp .IN 4yrs uwp 400 million .DLP in 15yrs 4oo million so its unfair to compare 15yrs with 4 yrs

  12. C
    June 29, 2013

    Wow, that’s $12544 per person living on the island at the moment.. add on the interest that is added on each year for all those loans… That’s ALOT to pay back from such a small population!

  13. LMAO
    June 29, 2013

    the break down that was given does not match the total figure, do the math. I Need the debt that the UWP left behind please. DNO do you have these stats?

  14. Maximoto
    June 29, 2013

    With all what he said, he refused to add the massive petrocaribe debt segment which may add another 500 million or so to this figure.

    • ROSEAU VALLEY
      June 29, 2013

      “Any amounts still owing under Petro Caribe do not constitute debt, PM Skerrit 2009/2010 Budget presentation.

      “Madam Speaker, Dominica’s participation in Petro Caribe has come in for criticism recently from certain quarters, criticism that have been characterised by uninformed and deliberate misinformation, to the point where Government has had to secure media space to repeat the information already provided to the public. Given this Government’s record on debt management, it would take an audacious or mischievous person to accuse this Government of irresponsibly increasing the national debt through Petro Caribe. …Far from irresponsibly increasing the national debt through Petro Caribe, Government’s use of the Petro Caribe arrangement has been exemplary.
      Any amounts still owing under Petro Caribe do not constitute debt, or even arrears, but what the technocrats call “technical arrears”, since the arrangement allows for deferred payment. In fact balances remaining to be settled for shipments made to the Dominica National Petroleum Company Ltd. are residing in an account at the National Bank and are available either for final settlement of amounts due to Venezuela through PDVSA, or for the social development projects provided for under the arrangement.”

  15. nnnn
    June 29, 2013

    be prepared for a 17% vat after that budget!

  16. Anonymous
    June 29, 2013

    I could never believe anything any Skerrit stooge says.

  17. hard core dcan
    June 29, 2013

    I did nt see the labour party campaign loan on the brake down, maybe it is hidden in there.

  18. John
    June 29, 2013

    I feel a VAT tax increase to 25 to 35 % is on its way… Enjoy.

    • Anonymous
      June 29, 2013

      u taking this whole thing as a joke. If vat is increased, thats no laughing matter. Whilst is some foolish parents that installed this incompetent regime(with glee), it’s many innocent children that will pay for it with tears and blood.

  19. Doc.love
    June 29, 2013

    Sometimes,I have a problem with the press in Dominica when it comes to extracting credible information from the hierarchy of the Skerrit labor Government. Mr. Christian tells us of the national debt, but is scared to tell us anything about Petro Caribe . It is ALLEGED, Petro Caribe is partly owned by a Minister of Government and the people of Dominica. Their are also allegations surrounding the directorship of Petro Caribe which involves the Minister. If these allegations that Petro Caribe is partly or wholly owned by Dominicans, Mr. Christian must tell us exactly what is happening at Petro Caribe in terms of the debt.

  20. MET YO
    June 29, 2013

    lol….a card paying member of the DLP…reports national debt…and leaves out the currency to create an illusion.

    My people please multiply what said by 2.67

    • ROSEAU VALLEY
      June 29, 2013

      Are you sure of that MET YO? I believe the
      figures are correctly reported as EC Dollars- not USD. You must in the US too long.

      Hope you have visited Dominica within the last five (5) years so that you are eligible to exercise your constitutional rights to kick out the government and its cronies.

      Respectfully
      Roseau Valley

  21. Pichelin
    June 29, 2013

    Clarence Christian, you are the Director of Audit and not the Director of Figure Padding. You should be frank with the Dominican people by providing us with the true figures so that we can think of innovative and productive ways of reducing our Debt Burden. We can challenge our government by using the true figures.

    It is dangerously insulting for you to be using this important position to defend the government… SMH

  22. ROSEAU VALLEY
    June 29, 2013

    I do not necessarily share the pessimism of my fellow bloggers of Mr. Christian statements, albeit based on the gentleman’s lack of independence and objectivity as the Director of Audit, one can well understand why the high level of distrust in his reports and statements.

    The figures reported by the Director of Audit seem reasonable and sufficiently credible. There seems to be an established pattern in the reported figures. In fact, the figures are not so distant from the reported estimates/projections on the Economy Watch website (http://www.economywatch.com).

    Of course, we have reason(s) to be very concerned that if the DLP administration were to be financing its spending of both capital and current expenditures through unsustainable levels of borrowing and I dear say grant funding, this would sooner rather than later result in serious economic disaster, especially in a period of already sluggish economic growth.

    For any administration, debt sustainability remains an important aspect of the management (or lack thereof) of the national economy. Therefore, it must form an integral part of the national discourse and any Government’s economic management strategy. In that regard, we cannot afford to be reckless in the management of our national debt and we must ensure that whatever debt we incur as a nation must be put to the best use to fund necessary capital projects and/or potential revenue generating, productive economic activities- herein lies the failure of the DLP administration.

    Respectfully
    Roseau Valley

  23. ROSEAU VALLEY
    June 29, 2013

    In 2005, the total Government debt was reported as EC $632.6. External debt was $438.9 million (or 69.4%). Domestic debt was $193.6 million (or 30.4%). The ratio of debt to GDP stood at 81.1%, which was a reduction of 1.5% from 87.7 % in 2004

    In 2006- the total Government debt stood at EC $677.0 million. External debt was $457.2 million or 67.5 percent. Domestic debt was $219.8 million or 32.5 percent. The ratio of debt to GDP stands at 86.2 percent.

    In 2007 the total Government debt was reported as $657.8 million. The debt decreased as domestic debt was reduced to $199.6 million or 30.3%, whereas external debt increased slightly to $458.3 million or 69.7%. The ratio of debt to GDP stood at 75.5%,. The reduction over the last year was reportedly due to relative success with the debt restructuring programme and the reported growth in GDP for that period. However, this nominal growth in the economy was not sustained as in 2008/2009, the national debt increased to a record high of 95 % of GDP.

    In 2009/2010, the debt was reportedly $665.9 million. External debt accounted for $454.8 million or 68 % of total debt, with a 1.7% increase in domestic debt over the period to 21.1 million or 32 percent.

    In 2010/2011, the total debt was reported at $866.2 million. As at May 2011, a total disbursed amount of the debt was $720.5 million. External debt stood at $515.2 million or 72% of the total national debt, whereas Domestic debt was just about $203.8 million or 28%.

    For the period 2011/12, total government debt was reported as $896.3 million (yes close to 900 million). External debt stood at $651.5 million dollars, almost 137 million more that the previous year, while Domestic debt remained almost constant at $202.2 million.

    In June 2013, Mr. Christian reports that “Dominica national debt stands a little bit over $700-million” with an external debt of over $520,936,599 and just about $109.6 million is debt guaranteed for public corporations. He also reports that the total national debt (i.e., the debt of central government plus statutory corporations) totals $878, 110,733, or just about $900 million. This translates to about 68 % of GDP.

    In deed, the above suggests some level of stability in the management’s of the country’s debt, with moderate increases over the last few years. Of course, this does not take into account what the debt was used for and whether it was wisely invested. It also seems clear that the reported debt does not include any amounts owing under the Petro Caribe arrangement as the politicians prefer to refer to this debt as a technical arrears by which the government is allowed to defer payment under this arrangement.

    Respectfully
    Roseau Valley

    • CONFUSED !!
      June 29, 2013

      Mr ” Roseau VAlley” your staemnet ” defer payment under this arrangement,” does mean that all is well. we still HAVE to pay it. what we need to know is amount and believe me my sources within says that it is over 1,000,000,000 and that is why they are so afraid of its disclosure. Think of the number of projects and even campaign funds that was used up using PDV. In total our debt is close to 2,000,000,000. That is a fact!!!

    • Soldier
      June 30, 2013

      Sir, please be so kind to inform us and the nation about the PDVSA/Petro Caribe overall debt as of June 2013.

  24. yam babawoolais
    June 29, 2013

    We are flinstone kids one billion strong and growing poverty and misery

  25. solution
    June 29, 2013

    Antigua and Barbados is well over 2 million not to mention st Lucia so don’t blame my government, remember that the uwp regime left us with a debt too.
    God bless the government and dominica.

    • solution
      June 29, 2013

      I mean billion s

    • Soldier
      June 30, 2013

      Every regime or political party will leave debt when leaving political office! Wake up

    • JUDGE DREDD
      June 30, 2013

      idiot, when you comment you should try and educate people, not comment on stuff you have any idea about,,, 2 million, what is two million…
      and dont compare dominica to barbados or st lucia, they are 200 years ahead of us…

  26. vexness
    June 29, 2013

    Ebeh…i live in silver lake, poor city, i cannot read big figure so, we never get tht in standard seven…but as i sit down under d mango tree there, jus cant stop thinking, d government cabinet too big, laison officer for diaspora affairs madam bannis big salary, ambassador A 14,000$ d president had a productive life is now he start to draw, govt advisers consultants like d man from barbados big salarrry sombody pls tell me if d PWI M do some cut backs if it will have affection and benefits…my budget 4 this monthend is domlec, dowasco, school books chicken and rice i cannot spend what dont have SOS pls

  27. Frabo
    June 28, 2013

    I do not like this present Government. [PERIOD]But by the same token i take it upon myself to say, that government reflects the mindset of the people. If they (the people) are blind, would government help them see? with all that “corruption” taking place in this administration people are still shouting, “Daddy Skeritt.” A sign that he Skeritt, had blackened their blindness. Something must awaken them from that slumber, so they in turn can put this government to sleep.

  28. Justice and Truth
    June 28, 2013

    Every country of the world has debts. Another word for it is deficit. Those same so-called progressive countries that help the so-called less progressive ones are not free of debts and have difficulty maintaining a debt-free nation.
    Get this straight! It will never happen and will remain in this manner until the end of time.
    As the years progress costs will escalate. So will the debt/deficit. Therefore, do not be alarmed that a small country as Dominica with few nationals employed and owning businesses as some have failed to pay their taxes and in a timely manner, it is necessary that the money should come from somewhere, namely, outside sources.
    The advice is, do what you can, pay your debts – income tax to the government as patriotic nationals without complaining.
    A country cannot function and properly so without business and employed nationals paying their fair share of taxes. This is another reason why people work, to pay taxes and for their livelihood. This is a way of life. If they do not pay taxes throughout the years, obviously the government must borrow money to pay its very employees who also expect salary increase and has other expenditures as also helping those who are poor and are in need of.
    Unless Dominican residents comprehend this, they will continue to be bitter, critical and unfairly blame the government for everything even their personal woes. Probably without realizing it some of them are not assisting their country and its economy. They are not paying their fair share, their dues to their country of all.

    • ours
      June 29, 2013

      so you would take your family money,do what you want with their business,disregard the welfare of the rest of the family members while you squander the family wealth,then give them some coco maka report,and expect the rest of the family members to be happy?even giving incomplete financial report.(petro caribe).You would like your kid to do that with your acumulated wealth?

    • Krunch Tyme
      June 30, 2013

      Saying EVERY country in the world has debt is a blatant act of misinformation if done carelessly or a downright LIE if done deliberately.

      For example, Libya under Col. Muammar Gaddafi had achieved 0% debt for several years. So because you started on a false premise any conclusion you have drawn is deemed to be significantly flawed.

      It would be better if you guys conduct your RESEARCH, before you come here on this board to pontificate fallaciously.

    • ?/%#)&!
      June 30, 2013

      Gosh! You post so much crap. Get a life! You are the most annoying blogger on here.

  29. way de money gone?
    June 28, 2013

    Was it that same auditor, when the money of Dominicans was taken from the Treasury in the famous secret Bin bobol? All kinds of denials from the cabal. The revelations proved otherwise. HUNDREDS OF THOUSANDS OF $$$$$$$$ SECRETLY TAKEN. No transparency. Absolutely nothing happened. Those involved just run back and pay some money to the treasury. No case for fraud or other criminal act. Nobody taken to court. Shame!!!!

    Full accountability, transparency, the truth, nothing but the truth about our real debt will suffice. Dominicans know that the Petro Caribe debt is not included. Is not the first time they have tried to take the people for a ride. Whose fools are we Mr. Auditor?

    Unemployment escalating. Agriculture dying/dead. The country and people drowning in debt. Poverty rising. The standard of living of the majority going down, down, down.

    Public Works compound to be taken over by the Chinese. Roseau swamped with Chinese businesses. DLP have a heart, nuh? All you take loans from China to create jobs for Chinese workers? Awa, oui? Where are the investments with the millions from the sales of our passports?

    Meanwhile a few are bathing in wealth obtained by all sorts of dubious means while in public office. The few nouveau riche laughing all the way to the bank. Those who grovel at the trough will continue to do their do. They are well placed, with their roles well defined. How long will they succeed in fooling the people? Not long.

  30. anonymous2
    June 28, 2013

    They left out all of the debt (loans) from the World Bank, China and Venezuela, to name a few and their upcoming hopeful major debt tied to geothermal. I’d say it is certainly over a billion, especially given the fact that the main income of the government is money extraction from people living here. That does not make for a productive economy, just a captive audience which is actually “held up” for the necessities as well as non-necessities that they desire or need to live.

  31. Reason
    June 28, 2013

    I need some clarification. In the National Budget address on July 17, 2012 Prime Minister Roosevelt Skerrit revealed that Dominica’s total disbursed outstanding debt at the end of the financial year 2011/12 amounted to EC$896.3 million.

    Skerrit said that that figure was 3.4 per cent more than the previous year, when the debt stood at EC$866.2 million. (Read it http://www.thedominican.net/2012/07/budget2012.pdf page 11) or http://www.caribbean360.com/index.php/business/598634.html#axzz2XYy2PHGR

    Is Mr. Christian suggesting that the national debt fell by almost $200 million or 21.7 per cent in one year?

    Further the Government total projected debt for June 2013 was set at $840 million as per the Government’s own data. (http://www.dominica.gov.dm/images/documents/2012_budget/debt_projections_estimate_2012_2013.pdf).
    Is Mr. Christian suggesting that the national debt is now $138 million or 16% below expectation?

    TD/Admin can you please do some background and ask Mr. Christian to explain this reason for improvement in performance he is suggested.

    Please do some “fact checks”

  32. Richards
    June 28, 2013

    This report is as hideous,charlatant and asymmetrical . He should be taken to task for this fabrication and misinformation to the people. Mem bet mem pwel, he and Skerrit.. Dominicans let these people know that we are not as ignorant as they think and kick them out of office please.

  33. June 28, 2013

    After reading all these comments,I will just say good luck with sherrit :-D

  34. maindesk
    June 28, 2013

    It is amazing how people behave when they support a political party. When UWP was in government the 400 million dollar debt was a big problem for Labourites. Now they have taken it to more than 800 million dollars we now see their agents claiming that debt is not a problem because Japan and France and the USA have debt too.

    • macdo
      June 28, 2013

      don’t worry uwp will clear the debt when they get back in power.dominica will have no debts.

    • real possie
      June 29, 2013

      Now let me get what u saying maindsek eddo had one term it was 400 million i think this government had what 2/3 terms with the world in much more of a deplorable state than when uwp was in power.Some of us dominicans cant even run our own house but we always have the best ideas how to run a country one thing i know dominicans of yesteryear are gone so when u all the misleading propagandists of the uwp will only be on here braying thats all it will be braying.

      • T
        June 29, 2013

        @ real possie It’ donkeys like you that bray.You know another term for a donkey? That’s what you are.

      • Pedro
        June 30, 2013

        Please remember that the UWP inherited over 300 million from the Freedom Party.

    • ROSEAU VALLEY
      June 29, 2013

      Couldn’t agree with you more!

      Respectfully
      Roseau Valley

    • lol
      June 29, 2013

      Exactly that’s why they will stay hungry and always beg

  35. kuba
    June 28, 2013

    MORE FACTS

    Total Government Net Debt (National Currency) for Dominica, in other Years
    Year Billion
    2018 1.315
    2017 1.259
    2016 1.204
    2015 1.147
    2014 1.094
    2013 1.043
    2012 0.987
    2011 0.928
    2010 0.898
    2009 0.829
    2008 0.823
    2007 0.852
    2006 0.848
    2005 0.835
    2004 0.851
    2003 0.91
    2002 0.894
    2001 0.896
    2000 0.626
    1999 0.555
    1998 0.497
    1997 0.403
    1996 0.431
    1995 0.439
    1994 0.407
    1993 0.367
    1992 0.349
    1991 0.348
    1990 0.308
    http://www.economywatch.com/economic-statistics/Dominica/General_Government_Net_Debt_National_Currency/

    • Justice and Truth
      June 28, 2013

      You should not compare previous years to today. Reason is, in those days what improvement was done in Dominica compared to today? No wonder the debt was low then.
      It is a simple equation. Today, nationals in need of are financially assisted. In bygone years they were not.
      Note the overall improvement in Dominica today compared to bygone years.
      As the PM stated some nationals have not paid their taxes. If you are broadminded you should know the reason why Dominica’s debt has increased.

      • Country Man
        June 29, 2013

        It must be a joke you making or you well wicked to say that Dominica has ore improvement today than 15 – 20 yrs ago. When you speak of Dominica – what are you thinking of, the people on the island or the rock in the Ocean?

    • Dominca_Lover
      June 28, 2013

      You should also look at purchasing power and Per capita they are all up as well!

    • WHO VEX VEX
      June 29, 2013

      so judging by your stats the DLP controled the debt better than UWP
      cause from 1995-2000 it went from 0.4-0.6 a difference of 0.2 in 5 yrs

      DLP from 0.6-1.0 a difference of 0.4 in 13 yrs

      • Hmmmm...
        June 30, 2013

        …and the product of DLP debt is?

      • ConfESS
        July 1, 2013

        not so right. UWP- 0.1 in 4.5years
        labor-0.6 in 13 years

    • Mornepros
      June 29, 2013

      Are these figures real or mere estimates and projections. After all, we are in 2013 and this table includes figures for 2014-2018.

  36. magwe sa
    June 28, 2013

    10 bhail mary……2 our father……Dominicans why have we robbed our youth of a future???

    • him
      June 28, 2013

      Well unless the youths themselves rise up and smell the coffee, they are already condemned into abject poverty on this island. The SEWO is not all, they too have to get counted, because they are the leaders of tomorrow.

    • Justice and Truth
      June 28, 2013

      The youths have not been robbed of a future. The youths are the future. Some of them robbed themselves of their future.
      You know the saying, “God help those who help themselves.” He is not pleased that some sit back, wasting time and expect the world to revolve among them and give them their wishes without lifting a finger.
      The yuoths must study well, remain in school, be obedient to their elders/teachers, be diligent in their studies and complete their schooling so that in future they will be educationally equipped to obtain a decent paying job.
      Patriotic, caring and serious-minded people are necessary to build a country and assist it to grow economically. They rank among the youths.
      If the youths are non-caring and then attain adulthood with that same attitude, what do you expect from them? How can the country grow and progress? Then, the critics blame the PM. Know who to primarily blame.
      St. Teresa Avila said: “God is content that each one should do his part and his best . . . . Blessed be so just a God!”

  37. kuba
    June 28, 2013

    this is not true Mr christian this are the facts
    Total Government Net Debt (National Currency) Statistics for Dominica , Year 2013 – In Detail

    Total Government Net Debt (National Currency) for Dominica is CXD 1.043 Billion. Net debt is calculated as gross debt minus financial assets corresponding to debt instruments. These financial assets are: monetary gold and SDRs, currency and deposits, debt securities, loans, insurance, pension, and standardized guarantee schemes, and other accounts receivable.receivable.

    In the previous year, 2012, Total Government Net Debt (National Currency) for Dominica was CXD 0.99 Billion Total Government Net Debt (National Currency) for Dominica in 2013 was or will be 5.67% more than it was or will be in 2012.

    In the following or forecasted year, 2014, Total Government Net Debt (National Currency) for Dominica was or will be CXD 1.09 Billion, which is 4.89% more than the 2013 figure.
    http://www.economywatch.com/economic-statistics/Dominica/General_Government_Net_Debt_National_Currency/

  38. blackman NET
    June 28, 2013

    I couldn’t wait for this…..the national debt reflects the state of the country, what you guys need to do is find out what was the national debt last year and also the year before and make your comparisons.we have close to a billion dollars in debt. please understand that this is not a million but a billion which is hundreds of millions, and they still borrowing money. I could care less about their state house but i care more about work, productivity, credibility and Drive, but when u have Chinese operating on leverage granted by the government ever wondered how much money is being taken away from the economy by these Guys. So we will be forever indebted to the Chinese……..thanks a lot Mr Skerrit……I hope your Money Never runs out

    • Mallard eye
      June 29, 2013

      Agree. U cannot go to china and do business. all COUNTRIES TRYING TO TAKE CARE OF THEIR IMMIGRATION ISSUES BUT ALL U DO IS BOARD A PLANE TO DA AND U FIX. ON ANOTHER NOTE , WHY WOULD DA WANT TO COMPARE AMERICA DEBT WITH THERIS ? This is so stupidddddd ,

  39. %
    June 28, 2013

    W need to ask them to tell us where has the money gone. On bank accounts?,houses? cottages?, villas?, off shore banks?. Is the money hidden underground? Is it being held by friends?. WE NEED TO KNOW WHERE.
    Why we cannot see with our eyes the things which would support such a huge debt?
    I MAINTAIN THAT THIS GOVERNMENT IS too lazy, incompetent, greedy,( VOWAS), arrogant, insultive,etc, reasons why they should be KICKED OUT VERY FAR, by the electorate!

  40. gosh
    June 28, 2013

    only about 15000 Dominicans make up the labour force casue our unemployment rate is 23% and the labour force is 20000 with this in mind I am wondering how will we ever pay of the debt more taxes??? more poverty???? while the greed driven politicians leave lavishly….. I hope the wise people in our country will put the X else where cause we need to make a stand we should not allow thisGovernment to use our country for there own selfish needs skirret is already a millionaire yet still he wants more stupess…. God has a special place for allu politicians for taking advantage of poor people

    • Justice and Truth
      June 28, 2013

      Address the primary issues and do not blame the government wholeheartedly.
      There are school dropouts. Some refuse to seek employment; they are on drugs. Some are in prison. Some female members have babies and must take care of the babies and depending on the few dollars the fathers will give them; some cannot afford to support those children and the list goes on…
      Reflect on this.

      • gosh
        June 29, 2013

        justice and truth the labour force in country consist of people who are eligible and willing to work that how its calculated do your research before you comment

      • gosh
        July 1, 2013

        the labor force is calculated as people who can work and people who are willing . So all what you said not make sense those people are not considered to be part of the labor force . Do your research before you comment a country labor force is those who can and are willing to work

  41. The Authorities
    June 28, 2013

    Time to use a different credit card. We still [sic] NEED an international airport….

  42. Big Bang Theory
    June 28, 2013

    Don’t be afraid of the debt. Remember some of that is for the “Phantom UWP Airport’.

    These had to be redoubled when the UWP defaulted on them? And we have nothing tangible to show for that debt.

    Every country has debt, all.

    The point is this, is it sustainable?

    Is any part of it being considered to be turned into grants?

    Will any of it be forgiven?

    The fact is no country ever repays their debt, but one has to be careful with the levels.

    In the absence of private investment during an economic downturn, the government should pick up the slack/fill the void left by private exodus, especially now that the rates are historically low.

    Keep a positive attitude as I am certainly seeing the monies being spent on the roads etc.

    Let us hope no one pocketed any monies or bought any crushers or leased state lands to provide building materials to the state.

    • ()
      June 28, 2013

      YOU YOURSELF FELT THAT YOU SOUNDED MORONIC AT THE START,SINCE YOU FAILED TO STATE THE DEBT THAT UWP LEFT WHEN IT EXITED OFFICE.It is no wonder that Dominica is such a state. It’s because of fools/morons like you, who seem to be blinded by dirty politics, so you don’t care a dam about the country.
      The thing is this debt will double quadruple and more because our productive capacity on island is stagnated, due largely to bad governance, lack of incentive to locals businessmen and budding business men.
      Not only that, but when we borrow and cannot have any sustainable structure on the ground to employ our people, the country will plunge facedown into poverty.
      THIS IS WHAT A COUNTRY GETS BY BAD GOVERNANCE!!!!!!!!!!!!!!!!!

      • Interpreter Found
        June 28, 2013

        I agree with you completely and what “Big Bang Theory” forgot to mention with UWP “Phantom Airport” is that most of the plans were already done, the land was purchased and then Labour is the one who gave the land back. Effectively flushing millions of dollars down the drain.

      • lol
        June 29, 2013

        U good retarded and fooled by skewo, so long uwp leave power u still blaming dem lol

    • ?/%#)&!
      June 28, 2013

      After 13 years in power u still have the guts to blame past admin for the poor state of the economy? I thought this govt were suppose to clean up the UWP mess, especially after the bogus austerity measures that poor D/cans had to make sacrifice for. Oh BTW, I thought the roads, etc were gifts from RED CHINA. Are you trying to tell us something since you are the authorities? Don’t worry, time will tell and all you all dirty lies will come back to hunt u. too bad some innocent poor people will pay for it too.

    • Ears
      June 28, 2013

      Why you spreading such lies? You must be a labourite. The only ones that lie so much.

  43. poor us in Dominica
    June 28, 2013

    i wonder how Dominica going to pay back all that loan when all the money is being used for infrastructure(building roads,state palace, hugh college, and villas and houses for our PM and his friends) … none of the money is used for production or agriculture which could reduce our imports and increase our exports thus get more money in the economy … Dont know why skerrit them cant think about this ..this government has no strategic plan for development …CHANGE IS NOT AN OPTION ANYMORE ITS A MUST ..

    • anonymous2
      June 28, 2013

      It is very obvious……they don’t care about you once they get into office and power and money go to their heads.

    • Anonymous
      June 28, 2013

      I wish I could give your comment a billion thumbs up!!!

  44. they wicked
    June 28, 2013

    one of the writters wrote, can we borrow money to pay money? Very good question, remember wht happened to St.lucia, the govern’t could not pay their bills, so my ppl, lte’s think ahead, eventually, more ppl are going to be laid out, salaries are going to be late, and the new takes tht the PM is holding back,is because election is around the bend. There is noway our bills are mounting, and taxes will not be raised. the first move to save this country, is to reduce the size of this cabinet, the only ppl tht are not making sacrifices are those greedy ministers. we think is better days tht ahead, things are hard everywhere but in DA hummm, is double trouble, all of those ministers are well off, and we still have to make more sacrifices, mr PM ooooeh, i waiting for all u we. money have to talk for my vote wee, u mad, hummm.

  45. hmmm
    June 28, 2013

    lol and dominicans still gonna vote labour again i hope not by the time they done we will be in a billion dollar debt and the poor people will be paying for it while all labour and their crew and friends stay rich and living lavishly … I hope the people vote for a change cause we need a change in dominica tooo much debt

  46. Shameless
    June 28, 2013

    Spin, spin spin and they spinning!!!!!

    CT Scanner broken and not working but yes we have “workable” scannner at PMH

    AFD willing to loo into geothermal financing but all of a sudden that translates to we have financing

    We owe over $900 million in USD plus other things were deliberately left out but that is NOT near 1 Billion

    The money owed is n USD but they refuse to say US Dollars giving the illusion that it is ECC

    If you ask me that is damn near 3-Billion ECC .

    One day allu will learn to tell the truth to the people. I wish Dcans would stop being so naive and demand honesty from those we elect to represent us.

    Assertive, NOT Agressive! :twisted:

  47. ching chung
    June 28, 2013

    i wanna know where the money going its sure not going on jobs

    • Shameless
      June 28, 2013

      As one calypsonian say….”they looking for their pockets”. But, me Uncle Shameless have to see a politician take some serious jail for STEALING our money while in office. YES I SAID IT!!! Time has a way of telling these days…..

      Assertive, NOT Agressive!

  48. June 28, 2013

    Hello Mr Christian. Sir you said our debt is $878,110,733 and that is Sixty Eight percent of our Gross Domestic Product(GDP) but you didn’t tell us what is the interests rate we have to pay on the Bonds and Treasury Bills which is calculated everyday . I think we need a private accounting firm to audit the Government books so we can know the true debt.

    • Anonymous
      June 28, 2013

      I concur, I audit Municipalities – Towns and Cities in the USA, would be more than happy to come to Dominica to do the audit.

  49. ching chung
    June 28, 2013

    tell dem chiney pay da, where d debt for d marriage lol

  50. Concern citizen
    June 28, 2013

    I have been raising this issue for a very long time, how Dominica is going to pay back such debt? The current government is selling the country slowly. On the other hand, I know the governments are trying to develop the country but my concern is how is the debt will be repaid?

    • Citizen
      June 28, 2013

      That’s easy sell pass ports through economic citizenship program and thus grow population and collecting revenue same time the only problem by then will be we Will be a communist country I hope not but that might just be a possibility .

  51. %
    June 28, 2013

    Why all of a sudden this Skerrit Labour Party zealot is coming with his fake figure of NATIONAL DEBT NAH? We all Dominicans with just half a brain knows that the National Debt should be in excess of ONE BILLION DOLLARS, with hardly anything on the ground to show as proof that the borrowing was used to advance Dominica’s cause.
    MR CHRISTISN WE HAVE BRAINS TOO!
    Again it is time that the electorate KICK OUT THIS LAZY, INCOMPETENT,GREEDY, ARROGANT AND INSULTIVE GOVERNMENT. They have take Dominica to the gutters with poverty while some of them are filthy rich.
    KICK THEM OUT!!!!!!!!!!!!!!!!!!!!!!!!! Ther should be signs on the ground to justify such massive borrowing!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!KICK THEM OUT.
    THEY ARE EXPIRED!!!!!!!!!!!!!!!!!!!!!!!!!!!!

  52. Door man
    June 28, 2013

    How many millions were used on the palace? It’s not over a billion. But u have to sit and think that the county is not generating enough money to pay its employees monthly. And keeps taking out loans. I’m no expert but sooner or later as a business it will fail. And are these figures in EC or US. Must have missed it.

  53. Rastafari
    June 28, 2013

    Dominica’s external debts (loans) 1/2 a Billion, with a “B”…but how can that be, we are economically fortified…NOT!

  54. comment
    June 28, 2013

    I like the heading of the article: “Dominica’s national debt revealed; external debt biggest chunk”..it seems that the national debt is a matter of national security and now its finally revealed….lol…banana republic!!!!

  55. anonymous
    June 28, 2013

    “nominal value of the gross public sector debt to EC$879.8 million” http://www.ecseonline.com/documents/FinalProspectusforGOVTDOM91DAYTBILL2012_000.pdf
    historically the debt has been on the increase and without any changes in the economy I would like to know how has this debt shrunk to 700+ million more over this man states figures which the government would like to attain by 2020 as present statics… this report is from GOCD check the public debt overview section.

  56. Frabo
    June 28, 2013

    What about the interests? and Dominica is still borrowing – as we speak.

  57. Randy Boatswain
    June 28, 2013

    In my opinion this is relatively low by comparison to other nations. However, this does speak volumes for our GDP. We need more industry. Whether or not these figures are accurate or not, we are not able to establish a trend of incline or decline with regards to the national debt. Before we can categorize this as good or bad we need to have references to make appropriate comparisons. This is not easy as we cannot compare apples to oranges.

  58. 2 CuTe
    June 28, 2013

    Papa let me go an plant …i smell more vat..i hope not cuz thats when my vote is lost..one set to gain then chewps

  59. anonymous
    June 28, 2013

    Dominica imports over 400 million and exports just about 45 million yet this guy comes here and makes this statement of 700 million plus national debt! I am not a scientist but how do we pay our debts if we are unproductive?

  60. AD
    June 28, 2013

    Mr Christian all of a sudden you have figures sir.You should know we are not taking that pill.

  61. Papa Dom
    June 28, 2013

    I don’t trust these figures at all. After all those years on now we getting information, what took them so long? bogus I say, very bogus

    • ching chung
      June 28, 2013

      just agree it come out a-hole, u rather it take longer

  62. Affection8
    June 28, 2013

    No salary today June 28th 3:43pm. What is happening? Tell us the truth.

  63. Dominica_Lover
    June 28, 2013

    Hmmm, not bad… We all would like to see no debt, but it takes debt to grow a country. Debt is how new revenues are generated. For example, new business, new home and so on. Compared to the rest of the developed we are doing very good.

    U.S.A-114%
    Japan-230%
    U.K-114%
    France-110%
    Dominica-68%

    • looking
      June 28, 2013

      as you said it take debt to grow a country, in the above mentioned countries, the business environment is better. The unemployment rate is not so low.

      • Dominica_Lover
        June 28, 2013

        You just proved my point. Their debts are higher and they are seeing greater stability. Too much debt is bad, there should be a balance for example I am not going to borrow if I know I am unable to repay my obligations.

        IDK, if many people have realized hat Dominica has come a long way. Purchasing power has increased in the billions and we are closing the gap between St. Kitts and many other islands around the caribbean. While our per capita has been increasing, St. Kitts and St. Lucia have been decreasing. We have passed St. Lucia per capita and their debt is still much higher than ours, moreover. based on current standing we will pass St. Kitts Per capita in 2015.

        I like data not feelings or what someone tells me. I do not support party. I vote for whom ever will show progress in my life time. Dominica has come so far under this Administration and who ever lads in the future will continue such. There is still much more to be done.

    • one stone
      June 28, 2013

      seriously,all of a sudden you comparing us to thriving,transparant democracys that have paracetomals in all there hospitals and judges and police that can not be bought,love your nievity,God bless you lol

    • lol
      June 28, 2013

      U must be crazy. Compare Dca to France and the USA. Consider the size of the 2 against us. Still don’t see something wrong with our figure? lol

    • Rastafari
      June 28, 2013

      You must be mad! You need to compare other factors as well. Unemployment, employment, trade, import, export etc. Dominica has nothing to show for the debt. The mentioned countries have ways and means of balancing their debt, not us! We have nothing to show for it.

    • Klint
      June 28, 2013

      Very true.

    • T
      June 28, 2013

      So why are you running away from the extremely high levels of unemployment we have on island? Are you one of Skerrit’s grovelers or yard fowls? Well the crumbs you will no longer be able to catch. They too are drying up.

    • ching chung
      June 28, 2013

      dominica is 20 millions times smaller dan these countries, so dont try da

    • Louis Bernard
      June 28, 2013

      It will never cease to amaze me how some Dominicans can maintain a straight face while condoning wrong, making wrong right, and right wrong.
      These are the same people who were arguing when the UWP was in office about debt, its size, and how dominica was buried in debt, now debt is been glorified. Ask for Mr. Christian, he is doing a disservice to the entire nation, by providing these figures, when he knows fully well that the debt is in excess of I billion dollars.
      Mr. Christian why are you sacrificing your professionalism on the alter of political expedience? This is shameful, what kind of example is that for the young professionals just leaving university.
      During the 2000 elections and immediately after when all the overnight financial analysts, and pundits, were castigating the UWP on the issue of deficit spending, I was arguing that during certain economic times deficit spending is necessary, and relevant. The only person I can recall who was not anti-UWP to have agreed with my position was Thomson Fontaine on a call in program on Q95 when I poised the question to him.
      People like Simeon Albert, Allick Lazzare, and Gilbert Williams were alwys carrying on about the size of the debt which was then over $400 million approximately $140 million more than when the UWP took office. More interestingly, there were assets to account for that amount, and the benefits to the economy was more than 2 times the amount.
      Today this same government that was critical of that sum has added in their time in office more than all the previous governments combined, yet the economy is in the worst shape since the days of world war two. Unemployment has never been this high approaching 40 percent, with unemployment among the youth at around 60 percent.

    • Doc.love
      June 28, 2013

      For your information Dominica Lover.

      Population of U.S.A is approximately 318.8 million
      Population of Japan is approximately 128.8 million
      Population of U.K. is approximately 63.2 million
      Population of France is approximately 63.6 million
      Population of Dominica is approximately 71.3 thousand .
      What you should concern yourself about is what plans the Skerrit Labor Government are going to put in place to avert this national disaster

    • Dominca_Lover
      June 29, 2013

      People, percentage of debt compared to GDP. Not a dollar amount. 68% means a different thing for Dominica than to other countries 68% means millions to us while 68% means trillions to the USA. because we are comparing GDP. It is percentage based on our current GDP. Our borrowing is below our GDP, whereas the other countries debt exceed their GDP. I think many people here have failed economics or never had an economics class, ever! It is 68% of not a dollar amount. We have way less debt as a dollar amount compared to these countries. As they are a bigger economy and have greater GDP. If we borrowed over a 100% GDP as they do we would have called the IMF. However, countries mentioned are the ones who control the IMF. Did you know that? Debt as a dollar amount never seem to go down unless a new resource is discovered. The percentage may increase or decrease, but the dollar amount seldom do. This is because of inflation. A pound of flour is not worth what is was 10 or 15 years ago. A dollar is the not the same as it once were and that is because of inflation. That is why debt value may be up as a dollar amount, but the percentage could be lower.
      :)

    • July 1, 2013

      Dominica Lover.

      Hello I see you didn’t put China on your list. That’s because they are borrowing from China to prop up their economy.

  64. Mwen
    June 28, 2013

    Does this figure include the “technical whatever” we get the Petro Carib gas under? I mean the 40% or is that debt in the grave with daddy Chavez? Please let us know…

    • Pedro
      June 28, 2013

      Petro Caribe is in the region of one billion dollars. That is in addition to the made-up figures.

  65. trute
    June 28, 2013

    Let me know if I have a cheque at treasury please souplay. LOL

    • I DIE NU
      June 28, 2013

      If you worked for it,you should have one.

  66. Haitian Dominican
    June 28, 2013

    No wonder Dominica will always be the Cinderella of the CAribbean.

    Where is Dominica going to get that money?

    I am awaiting the National Budget next month.

  67. one stone
    June 28, 2013

    if you say we have 70,000 people in DA the figure we have owing is equivalant to over $12,400 for every man ,women and child in dominica,if you were to say that in DA we have about 15,000 peolpe in full time employment that would mean that every working person needs to pay $58,533 each to the goverment to pay this loan,no wonder he trying to collect taxes,he as brokes the country,and another question, the goverment takes 15 percent of the money we earn and 15 percent of everything we buy or bills we pay,may i politley ask what do you do with all OUR money besides borrowing more money lol 8-O 8-O 8-O

  68. Nigel
    June 28, 2013

    Are these figures in USD or ECD? That’s a lot of debt. How is the government planning to repay those debts and what steps are they taking to cut expenses?
    we definitely can’t borrow money to pay money so what is the government going to do to raise capital, increase production, export and bring down the unemployment rate?

    • Mwen
      June 28, 2013

      The arbatoir will be completed soon. We are going to do like Haiti… We will pay with Pig and Bird meat

    • Rastafari
      June 28, 2013

      Taxes, my friend, taxes!!!

    • June 28, 2013

      Nigel.

      Hello this must be in ECD because no country calculates their debt using another country currency or exchange rate. Also you must remember that this debt is spread over a number of years,ext, Twenty or Thirty years so pay it back isn’t difficult .

  69. Anonymous
    June 28, 2013

    Does anybody know how much uwp was criticized for leaving?

  70. Anonymous
    June 28, 2013

    So debt to GDP ratio is quite manageable!!!!!

    So why PM behaving like those old ladies that stay plenty years in England and come back Dominica and refusing to spend money?

    Man you trying and break Mamo record for low spending?

    But on d other hand does blue bugs will over spend if they come back in office and repeat their same mistakes as if everyday is Christmas.

    I hate to say it but it looking as if is d private sector that will have to get busy now. D sooner d better.

    • John Paul
      June 28, 2013

      You meant the “Chinese Sector”

  71. tu sho
    June 28, 2013

    Mr auditor you should add the phrase ” And Growing”

  72. My ting dat
    June 28, 2013

    Christian that’s technically a billion dollars dude.

    • Mwen
      June 28, 2013

      That still does not include the technical interest that we owe under the Petro Carib agreement.

    • warma
      June 28, 2013

      no it’s not. If you play the lottery, and you get all numbers except one, which was off by 1 digit, did you technically win it? go collect nuh, see if you wil get a penny

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