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<KINGSTON — Minister of Finance and the Public Service, Hon. Audley Shaw, has attributed the $597 billion increase in the country's debt stock between September, 2007 and March, 2011, to pre-2007 residual factors.
This includes $117 billion from the effects of exchange rate movement and consumer price index indexation which, he says, is significantly related to the debt structure the Government inherited in 2007.
Mr. Shaw, who outlined the figures as he closed the 2011/2012 Budget Debate in the House of Representatives on Wednesday, said that US$400 ($34 billion) was transitory, representing the pre-funding of a bond payment.
“Importantly it replaces a high cost instrument that was at 11.45 per cent, replacing it with an instrument that is 7.9 per cent,” he noted.
Some $44.8 billion was for the external guarantees secured to finance projects, including airport reform and the Falmouth Cruise Ship Pier. Additionally, he told the House, FINSAC cost the Government over $140 billion.>
<KINGSTON — Minister of Finance and the Public Service, Hon. Audley Shaw, has attributed the $597 billion increase in the country's debt stock between September, 2007 and March, 2011, to pre-2007 residual factors.
This includes $117 billion from the effects of exchange rate movement and consumer price index indexation which, he says, is significantly related to the debt structure the Government inherited in 2007.
Mr. Shaw, who outlined the figures as he closed the 2011/2012 Budget Debate in the House of Representatives on Wednesday, said that US$400 ($34 billion) was transitory, representing the pre-funding of a bond payment.
“Importantly it replaces a high cost instrument that was at 11.45 per cent, replacing it with an instrument that is 7.9 per cent,” he noted.
Some $44.8 billion was for the external guarantees secured to finance projects, including airport reform and the Falmouth Cruise Ship Pier. Additionally, he told the House, FINSAC cost the Government over $140 billion.>