Guyana external debt stands at US$1.2B

Mar 27, 2014 News

Guyana at the end of last year had a total external debt stock of US$1.2B, according to Minister of Finance Dr. Ashni Singh.
The Minister said that the final sum was a reduction of 8.3 percent from the previous year.
He explained that this reduction was mainly as a result of Government concluding two additional compensation agreements under the Petrocaribe arrangement which saw US$281.1M of oil debt effectively cancelled, equivalent to the value of rice and paddy exported by Guyana to Venezuela from July 2011 to October 2013.
He said, too, that in addition, Guyana negotiated and concluded a debt relief agreement with Bulgaria which further reduced the debt by US$2.9M.
He said that last year the total external debt service in 2013 amounted to US$45.9M or 7.9 percent more than in 2012, comprising principal repayments of US$31.6M and interest payments of US$14.3M
The Minister said that at the end of last year, the total domestic debt stock amounted to $98.8B, an increase of 5.7 percent over the previous year.
This increase, he said, was largely due to the monetary operations of the Bank of Guyana.
“Noteworthy, the stock of government debentures declined in 2013 by $1B, and ended the year at 20 per cent less than the previous year following the repayment of some debentures that had matured.”
According to the Finance Minister, earlier this month, Government concluded negotiations and signed two agreements that would further reduce Guyana’s outstanding external debt by a total of US$91.3B. The first, he said, was a Debt Relief agreement that would write-off 100 percent of Guyana’s debt owed to the CARICOM Multilateral Clearing Facility (CMCF) totalling US$35.9M.
The second was a further debt compensation agreement under the Petrocaribe arrangement that would effectively cancel US$55.4M of the oil debt owed to Venezuela equivalent to the value of rice and paddy shipped from October 2013 to January 2014.
“We will also continue to pursue debt relief from our non-Paris Club bilateral creditors, all with the aim of ensuring that we closely guard the very important achievement of debt sustainability into the medium and long term.”

Latest News

Guyana external debt stands at US$1.2B

Related

Similar Articles

The Glenn Lall Show | January, 10th, 2025

Follow on Tik Tok @Glennlall

THE BLUNT OF THE DAY

Sports

Savory, Persaud show class ahead of Regional C/ships with fifties

Spectators experience and playing standards high...

Archery Guyana’s 2024 Senior Barebow Open...

Body of Chinese national who fell from new...

Athanaze posts 98 as Windies start positively in...

Youngsters seize opportunity, rubbing shoulders...

Features/Columnists

Jagdeo’s press conferences are about grievance rather than governance

Clarifying misconceptions about the Panama Canal

From ethnicity to Exxon, race to renegotiation

Publisher’s Note

Weekend Cartoon

Bridge Watch

Demerara Harbour Bridge

> Berbice Bridge […]

Guyana external debt stands at US$1.2B

Share this:

Related

Similar Articles

The Glenn Lall Show | January, 10th, 2025

Follow on Tik Tok @Glennlall

THE BLUNT OF THE DAY

Sports

Features/Columnists

Publisher’s Note

Weekend Cartoon

Bridge Watch

Demerara Harbour Bridge

> Berbice Bridge […]