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Public debt increases by US$19M

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first_img2018 first quarter– as external debt repayments are growingPublic debt is on the rise, and it has been revealed that external debt repayments are also on the rise. This is according to the recently released Bank of Guyana Quarterly Report and Statistical Bulletin, which pegged the hike in public debt at US$19 million.Public debt is on the riseThe report divides this debt into external and domestic. External debt increased by 1.5 per cent from a December position of US$1.241 billion to US$1.265 billion.“The rise in the stock of external debt was on account of higher disbursements by multilateral creditors, specifically, IADB and CDB, for financing of social and economic infrastructural projects,” the report states.Domestic debt, on the other hand, increased to $89.5 million, from a December position of $88.8 million. Domestic debt, the report notes, increased because of a hike in treasury bills by 1.3 per cent.“(This) resulted mainly from a 1.5 per cent growth in the stock of the 364-day treasury bills during the first quarter,” the report adds.RepaymentRepayment of this external debt, according to the report, grew by some US$24.3 million to US$85.3 million. This is a rate of 59.1 per cent when compared to the corresponding period of 2017. This was not the case for domestic debt.“Domestic debt service payments fell by 14.6 per cent to $726 million, resulting mainly from a 23.2 per cent reduction in interest payments for treasury bills. Interest payments for the 182- and 364-day bills fell by 38.7 per cent and 17.6 per cent to G$36 million and G$358 million respectively.”“This position resulted mainly from competitive bidding, primarily amongst the commercial banks, compounded with lower interest yields during the review period,” the report outlines as a telling indicator.Finance Minister Winston Jordan, who was recently interviewed on the sidelines of Parliament, had said that Guyana’s public debt rate is actually nothing to worry about.Jordan had contended that as the economy grows, it could actually take on more debt.“You must stop looking at debt in absolute terms; debt must be looked at in relative terms. You look at debt to GDP (Gross Domestic Product), debt to revenue or something. As the economy grows, it can take on more debt. So it’s not a question of the absolute amount of the debt, it’s the relative amount,” Jordan told this newspaper.Pressed on exactly what the Government is doing to bring down the debt, Jordan would only allude to the international threshold of debt to GDP. The Finance Minister did not mention any steps Government was taking to mitigate the debt rate. A subsequent statement had however reinforced this point.The Public Debt Annual Report released by the Finance Ministry last year had highlighted that, since 2015, there has been a 4.1 per cent rise in Guyana’s indebtedness to creditors. The report details that Guyana’s total debt, inclusive of external and domestic, increased to $330 billion as at December 2016.The Ministry attributed this to disbursements from the Export-Import Bank of China towards the Cheddi Jagan International Airport (CJIA) expansion project, as well as monies from multilateral creditors.A breakdown of the figures shows that total external debt amounted to $240 billion, a 72.6 per cent bite out of the total public debt. On the other hand, domestic debt stood at $90.6 billion, or 27.4 per cent of the total.“At the end of December 2016, multilateral creditors continued to be the predominant creditor category, accounting for 59.7 per cent of the external debt portfolio, a slight decrease from the 2015 position of 60.6 per cent. Bilateral lenders and commercial lenders represented 38.8 per cent and 1.5 per cent of the public external debt portfolio, respectively,” the Finance Ministry explained.“Although the nominal public debt increased, the total external public debt to GDP ratio declined from 36.1 per cent as at end December 2015 to 33.7 per cent as at end December 2016, as a result of GDP growth outstripping the rate of growth of public external debt stock,” the Ministry said, in justifying the increase.last_img read more

OLYMPIAN BOYCE AND MARINE HARVEST TEAM UP FOR JUNIOR ACHIEVEMENT DAY

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first_imgOlympian and Letterkenny AC member, Brendan Boyce was guest of honour at the recent Junior Achievement Ireland (JAI) ‘Working it Out’ day. The event brought together seven schools from the Fanad peninsula and was organised in conjunction with Marine Harvest, who is supporting Brendan Boyce on his road to Rio.Olympian and Milford native, Brendan Boyce was guest of honour at the recent Junior Achievement Ireland (JAI) ‘Working it Out’ day.The event was run by JAI, a voluntary-run organisation supported by local businesses, which aims to encourage students to stay in school and education.Organised in conjunction with Marine Harvest, the event invited seven schools from the Fanad peninsula to take part in the ‘Working it Out’ day in the Rossnakill Community Centre, which combined the world of sport and mathematics. Marine Harvest is Ireland’s largest producer of farmed Atlantic Salmon and the business is supporting Brendan Boyce on his road to Rio.Olympian and Letterkenny AC member, Brendan Boyce was guest of honour at the recent Junior Achievement Ireland (JAI) ‘Working it Out’ day. The event brought together seven schools from the Fanad peninsula and was organised in conjunction with Marine Harvest, who is supporting Brendan Boyce on his road to Rio.Key Account Manager, Annette Rodgers, said the children were very excited to meet an Olympic athlete.“We were delighted that Brendan could attend the JAI awards. The students really enjoyed learning more about his sport, race-walking, and the Olympic Games in general. They took part in a Q&A with Brendan and he gave them a quick demonstration of how to race-walk.“Each school presented Brendan with good luck messages and cards, and who knows, his visit may well have inspired the next generation of Olympic athletes from Donegal. On behalf of the whole team at Marine Harvest, we want to wish him every success in Rio this summer.” Olympian and Letterkenny AC member, Brendan Boyce was guest of honour at the recent Junior Achievement Ireland (JAI) ‘Working it Out’ day. The event brought together seven schools from the Fanad peninsula and was organised in conjunction with Marine Harvest, who is supporting Brendan Boyce on his road to Rio.Thanking Junior Achievement Ireland and Marine Harvest for the invitation, Brendan Boyce said: “I was delighted to be able to attend the JAI event and it was great to see so many students getting active, while also learning about mathematics. Education is equally as important as getting active and this event is a clever way to mix the two disciplines. A sincere thanks to all of the schools and students who made the wonderful good luck messages and cards – I’ll proudly display them in Rio this summer.”Participating in the “Working it Out” programme were; St. Columba’s National School Ballyheerin, St. Davaddogs National School, Tamney, Scoil Cholmcille National School, Kerrykeel, Croaghross National School, Portsalon, St. Patrick’s National School, Doaghbeg, Drumfad National School and Scoil Mhuire National School, Caiseal.Patricia Friel, Programme Coordinator at Junior Achievement Ireland spoke about the positive benefits of the JAI and ‘Working It Out’ programme.“Junior Achievement Ireland works with local businesses and schools to teach young people about the world of work while also encouraging them to remain in education. The event is designed to test students’ mind and body, so we mix long division and penalty shootouts with averages and skipping and ratios and basketball.Olympian and Letterkenny AC member, Brendan Boyce was guest of honour at the recent Junior Achievement Ireland (JAI) ‘Working it Out’ day. The event brought together seven schools from the Fanad peninsula and was organised in conjunction with Marine Harvest, who is supporting Brendan Boyce on his road to Rio.“It’s about making subjects more fun and enjoyable and we had a great day with the students and staff from the participating schools. We’ve been working very closely with the schools in Donegal and we’d like to say a particular thank you to the team at Marine Harvest who invest a lot of time, resources and finance into this initiative.” For more information on Marine Harvest, visit www.marineharvestireland.com or Junior Achievement Ireland, visit www.jai.ie or to follow Brendan’s journey to Rio visit www.brendanboyce.co.uk.OLYMPIAN BOYCE AND MARINE HARVEST TEAM UP FOR JUNIOR ACHIEVEMENT DAY was last modified: May 18th, 2016 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)Tags:Brendan BoycedonegalMarine HarvestOlympicsRiowalkerlast_img read more