GOL’s Public Debt Stock Rises

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CBL Governor Mills Jones.jpg

The government of Liberia’s (GOL) public debt stock stood at US$77.7 million at end-June, 2013, the Central Bank of Liberia has disclosed. According to the CBL, public debt grew by US$12.2 million (2.2 percent) and US$25.3 million (4.6 percent), respectively, when matched against the level recorded at end-March, 2013 and the corresponding period of 2012.

Of the total debt stock, domestic debt accounted for 49.9 percent, while external debt constituted 50.1 percent, the CBL declared.

According to the Bank’s Financial &Economic Bulletin covering April-June, 2013, the growth was largely attributed to an increase in domestic debt to financial institutions, mainly the CBL, arising from legacy debt obligations.

Total external debt stock for the reporting quarter amounted to US$289.3 million. When matched against the level recorded at end-March, 2013, total external debt stock, however, declined by 0.4 percent or US$1.2 million, but grew by US$20.0 million or 7.4 percent, compared with the corresponding period of 2012, the CBL stated.

According to the Bank, of the total external debt stock, multilateral and bilateral debt constituted US$156.1 million or 54.0 percent and US$133.2 million (46.0 percent), respectively. Compared with the preceding quarter, the Bulletin notes, multilateral debt  stock decreased by US$1.1 million or 0.7 percent, while bilateral debt remained the same (at US$133.2) at end-June, 2013.

Domestic Debt Stock

The total domestic debt stock, the CBL disclosed, stood at US$288.5 million. According to the Bank, domestic debt stock rose by US$13.5 million (4.9 percent) and US$5.4 million (1.9 percent), respectively, when matched against the level recorded at end-March, 2013 and the corresponding period of 2012.

“Debt to financial institutions grew by US$14.3 million (5.4 percent) at end-June, 2013 compared with the previous quarter; constituted US$281.5 million (97.6 percent) of the total domestic stock, the CBL said.

The Bank, however, reported that debt to suppliers, salary and allowances, and the US$1.3 million pre-National Transitional Government of Liberia (NTGL) salary arrears remained unchanged during the period under review.  

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