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IDB, China and World Bank are Guyana’s largest external creditor
Source (Budget 2024 speech)
Kaieteur News – In 2023, Guyana’s debt increased by 23%, reaching a total of approximately US$4.5 billion.
The country’s domestic debt surged to US$2.7 billion by the end of the year, up from US$2 billion at the close of 2022. Meanwhile, external debt grew by 13%, amounting to over US$1.7 billion at the end of 2023 compared to the previous year.
The Inter-American Development Bank (IDB), China, and the World Bank (specifically through the International Development Association) are Guyana’s largest external creditors. They hold 19%, 6%, and 4% of the total debt, respectively. This information was highlighted in the IDB’s ‘Partnering for Resilience’ report, published earlier this year.
Recently, Kaieteur News reported that over the past 47 years, the IDB approved over US$2 billion in loans to support Guyana’s development.
The IDB said that Guyana is experiencing a significant increase in its debt repayment and interest obligations. The figures highlight a substantial rise in both principal and interest payments over the past few years, reflecting the country’s evolving economic landscape and financial commitments.
The IDB report states that Guyana’s principal repayments have surged from an average of US$8.3 million per year between 2010 and 2020 to US$18.3 million annually over the period from 2021 to 2023. This increase underscores the growing financial demands on the nation’s budget as it manages its debt obligations.
Similarly, interest payments have seen a notable increase. From an average of US$8 million per year over the 2010–2020 decade, the figure has climbed to US$15.2 million per year on average during 2021–2023. This escalation in interest costs reflects both the increase in overall debt and potentially higher interest rates on new or refinanced debt.
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