Guyana’s total debt remains high despite write-offs

Feb 09, 2013 News

Guyana’s total public debt at March last year was a whopping US$1.7B, slightly less than the US$2.1B at 1992 when the government assumed office.
Over the years, the government, through lobbying efforts and other economic measures, had secured several debt write offs to the tune of nearly 75 per cent of the total debt which had grown significantly because of the unpaid interest charges.
Based on questions from Member of Parliament, Moses Nagamootoo of the Alliance For Change, the smaller of the two parties in the Opposition, Finance Minister, Dr. Ashni Singh on Thursday released figures on Guyana’s debts.
Nagamootoo had asked a question seeking the total public debt- both local and foreign- in the US and Guyana dollars equivalent, as at September 30, 1992.
According to the Minister, at September 30, 1992, it was US$2,087.99 M (US$2.09B). At that time the exchange rate for the US dollar was G$126. The debt was equivalent to G$263,086M.
This contrasted to March 31, 2012 when total public debt stood at US$1.743B at an exchange rate of G$204 to US$1. This was equivalent to G$355,580M.
Since assuming power in 1992, the People’s Progressive Party/Civic (PPP/C) has succeeded in getting some of its biggest debts written off by the US, Russia, Europe, Canada China and Libya.
This was to the tune of hundreds of millions of US dollars. The figures would suggest that Guyana has been borrowing more. In addition to several roads and sea defence projects, government is also paying back for the Skeldon Factory and a host of other initiatives.
According to Minister Singh, the total public debt stock at December 31, 2010 stood at $312,180.26M at an exchange rate of $203.50 for US$1.
“The amount of $338,432.786M cited in the question, is sourced from the central government statement of the public debt as included in the report of the Auditor General for the year ended December 31, 2010.”
The Minister said that because the statement relates to the Central Government, the amount shown would have included debts owed by the Central Government to other public sector agencies, principally debentures issued by the central government to the Bank of Guyana. It would have excluded debts owed by the Bank of Guyana and other parastatal agencies.
As at December 31, 2010, the total public debt stock stood at $350,574.81M…at an exchange rate of $203 to US$1.

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Guyana’s total debt remains high despite write-offs

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