The Coalition Government borrowed $850million since it came into power to July 2024, Deputy Prime Minister and Minister of Finance and Strategic Planning, National Development and Statistics Prof Biman Prasad has reported to Parliament.
He was asked in a written question to provide the total amount of loan raised by the Government from December 2022 to July 2024, how it was utilised, and what percentage was allocated to operational expenses versus capital expenditure.
“In December 2022, when we came into office, Government debt stood at $9,458.7billion,” said Prof Prasad.
“At the end of FY 2023/2024, Government debt recorded at $10,308.7billion.
“Therefore, this is a net borrowing of $850million from the end of 2022 to July 2024 which was fully used to finance capital expenditures budgeted in the FY2022-2023 and FY2023-2024 budgets.”
He said out of the $10billion debt at July 3, 2024, $6.5billion was from domestic borrowings and $3.7billion from external debts.
The total government debt in July 2021 was $7billion and hovered above $9billion in 2022 and 2023.
