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Borrowing not to blame – minister
Article by May 7, 2021
Barbados’ current high debt level is not as a result of borrowing, says Minister in the Ministry of Economic Affairs and Investment Marsha Caddle.
In fact, the economist pointed out that Government’s borrowing only accounted for about five per cent of the current debt stock, which stands at around 152.5 per cent of gross domestic product (GDP).
Her comments came on the heels of growing concerns from political pundits and private sector officials over Government’s borrowing over the past year, which equated to just over $540 million.
In his recent economic review, Governor of the Central Bank Cleviston Haynes pointed out that at the end of March this year, the public debt stock outstanding was equivalent to $12.92 billion, compared to $12.38 billion or 117 per cent of GDP at the end of the previous fiscal year.