NASSAU, BAHAMAS — Public sector debt at the end of March was estimated as some $12.5 billion, according to data released by the Debt Management Office.
According to the Debt Management Office’s public debt statistical bulletin, at end-March 2023, public sector debt was estimated at $12,517.1 million, which represented an increase of $137.6 million (1.1 percent) over end-December 2022 and $386.1 million (3.2 percent) since end-June 2022.
The central Government’s component, at an estimated $11,104.5 million at end-March 2023, equated to an improved 83.4 percent of estimated GDP compared with 87.3 percent at end-June 2022.”
Quarterly variations in the debt stock were almost equally distributed between debt operations of the Central Government and the Agencies and GBEs, which grew by $68.1 million (0.6 percent) and $69.5 million (5.2 percent), respectively, since end-December 2022.
According to the report, debt service costs during the review quarter were estimated at $882.9 million, for an aggregate $2,418.9 million over the nine months to March, 2023.
“Consistent with the central government’s debt profile, approximately 70.6 percent of the recent quarterly costs represented Bahamian Dollar payments, with the balance (29.4 percent) covering foreign currency liabilities.
“Of the $687.1 million (78.2 percent) in principal payments, almost 80 percent was in Bahamian dollars. Meanwhile, 62.5 percent of the $190.5 million (21.8 percent) in interest payments met foreign currency obligations, and the remaining 37.5 percent was incurred on Bahamian Dollar debt.”
