Total debt more than K24 billion, says Abel

The country’s total debt to date is more than K24 billion, says Deputy Prime Minister and Treasurer Charles Abel.
He detailed in Parliament yesterday the loan repayments on foreign and domestic debt.
He said K157,653,053.20 was paid for the first quarter on external debt repayments.
On domestic debt, K46,288,680.60 was paid to the Bank of South Pacific and K3,299,810,000 on Treasury Bill repayments.
Another K2,982,320,000 was raised in treasury bills proceeds.
He said the total foreign debt was K7,543,285,751.80 and domestic debt was K16,813,140,000.
“These repayments and proceeds are all part of the 2018 budget execution.
“This puts our total debt at K24,356,425,751.80.
“On last year’s Gross Domestic Product of K80.113 billion, this represents a debt-to-GDP ratio of 30 per cent – which is within the Fiscal Responsibility Act.
“With the economic growth since last year the debt to GDP would actually be lower than 30 per cent at this point.”
He said Papua New Guinea’s debt level was low “in international terms”.
“And we continue to meet all our obligations in loan repayment.
“Debt is a necessary tool for development as long as it is spent on productive investments that drive development,” Abel said.