NATIONAL DEBT STANDS AT 11% OF COUNTRY’S G.D.P: RINI

Inside the National Parliament. Photo credit: National Parliament of Solomon Islands.

Inside the National Parliament. Photo credit: National Parliament of Solomon Islands.

The National debt now stands at only 11 percent of the country’s gross domestic product, says Finance Minister Snyder Rini.

This is a total of $850.8 million in both domestic and overseas debt.

Minister Rini announced the country’s debt situation in Parliament on Monday.

He said by the 28th of this month, the country’s total domestic debt will be $171.9 million.

“On the domestic debts which are from treasury bills $39.1 million, the restructuring and amortisation bond is $128.8 million, on the special security account it’s $4.9 million, so by the 28th of this month our total domestic debt will be $171.9 million.”

In terms of the country’s international debt, the Finance Minister says the total external debt is $678.9 million.

“Okay, on the international debt Mr Speaker, $285.1 million belongs to ADB; $21.8 million belongs to the European Investment Bank; $256 million belongs to the World Bank; $14.6 million is from EFAD; $101.4 million is from the Exim Bank of the Republic of China and our total external debt is $678.9 million.”

Meanwhile, a confident Finance Minister says the nation’s total debt will be reduced to $794 million by December 31 this year.

The 2015 National Budget is currently being deliberated by Parliament’s Committee of Supply.

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