Central Bank puts country’s debt at $9.5 billion this fiscal year
NASSAU, BAHAMAS — The government will soon introduce a unit that will specifically look at addressing the management of the country’s debt, Deputy Prime Minister and Minister of Finance K Peter Turnquest said yesterday.
Speaking with reporters ahead of a Cabinet meeting, Turnquest explained: “We have quite a bit of debt and we have to manage that carefully, by making sure that we use sound strategies to ensure that we do not put ourselves in a position where we have our backs against the wall and have to be desperate about taking out new loans to service old loans.”
He added: “We are putting in place a debt management unit that is going to be looking specifically at managing this whole issue of debt.
“We believe that there is room for some more sophistication in the debt instruments that we use.
“Again, we are always going to be cautious to ensure that at the end of the day that we protect the stability of the fiscal situation of the country.
“There is some sophistication that we want to bring to the whole matter of debt management, which I think is going to take us to another level.
“We look forward to that unit being set up very shortly.”
The Central Bank recently projected that the country’s debt could hit $9.5 billion this fiscal year.