2017 Budget Address

Prime Minister Dr. Ralph Gonsalves said the Government is taking steps to address the issue of the National Debt, by reducing debt service cost.

Presenting the 2017 Budget Address in Parliament yesterday, the Prime Minister said, as at September 2016, the total outstanding public debt stood at 1.68-billion, the equivalent of 82.4-percent of GDP.

He said this represents an increase of 12-percent, compared to the debt of 1.50-billion at the end of September 2015.

He also noted that the debt situation is still manageable given the long term low interest nature of much of the public debt but still care is required to ensure that it is does not spiral out of control.

The Prime Minister Gonsalves said the Government will be undertaking a review of the framework for servicing the public debt.