Gov debt $1.0 billion down by $9.8 million for December 2021 quarter

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Total Government outstanding debt at the end of the December 2021 quarter stood at $1.0 billion, down by $9.8million and of the total outstanding debt, 99.7 per cent is external debt with Bilateral and Multilateral partners with the remaining 0.3 per cent consisting of domestic loans with local banks and financial institutions.

This was outlined in the quarterly report issued by the Samoa Bureau of Statistics for the December quarter of the current financial year.

Loans based on Multilateral agreements at the end of the quarter amounted to $500.2 million, declining by $29.2 million on a yearly basis.

The majority of borrowings were from the World Bank and Asian Development Bank amounting to $285.1 million and $193.0 million respectively.

Loans on Bilateral Agreements with the Government of the People’s Republic of China (PRC) and Japan (JICA) amounted to $498.4 million altogether.

Of this amount, loans from the PRC amounted to $419.3 million and $79.2 million was from JICA. Government loans with PRC increased by $28.9 million whereas loans from JICA went down by $6.2 million compared to the corresponding quarter of 2020.

Domestic debt amounted to $2.9 million for the quarter under review. It decreased by $3.4 million (or 54.0 percent) compared to the December 2020 quarter.