Govt. debt stands at $882.9 million

By Sialai Sarafina Sanerivi 12 June 2023, 11:00AM

Latest data from the Samoa Bureau of Statistics shows that the total government outstanding debt has decreased by $68.5 million over the last 12 months with the total debt now standing at $882.9 million at the end of March, 2023. 

The statistics from S.B.S. shows that the amount includes the external debt of $882.1 million and domestic debt at $0.8 million. 

The new data shows that the government's outstanding debt dropped by $20.6 million from the previous quarter. 

"Loans to financial institutions amounted to $477.6 million accounted for 54.2 percent of external debt," the data shows. 

"The Asian Development Bank and the World Bank were the largest debt providers with a combined amount of $455.2 million and the rest were loans to institutions namely the OPEC, European Investment Bank and the International Food Agricultural Development Organization totaled at $22.5 million."

The data also shows that Samoa owed the Chinese government (People's Republic of China) a total of $337.5 million at the end of March while they owe the Japanese Government (J.I.C.A.) a total of $66.9 million tala. 

Together the government of Samoa owed a total of $404.4 million tala to the Chinese and Japanese Government as of March 2023. 

The statistic however shows that the amount owed to China continues to "decline" since March of 2022 by $0.2 million on average. 

If compared to the previous quarter, monies owed to the PRC went down by $17.8 million from the December 2022 quarter. 

Total government debt inclusive of domestic debt decreased by $68.5 million over the last twelve months.

The report that was released on 31 May shows that the Net Lending or Borrowing balance recorded a surplus of $26.4 million, while the Net Operating Balance also recorded a surplus of $60.3 million for March 2023 quarter.

Total revenue aggregated to $248.5 million driven by the increase in Taxes and Grants during the period and operating expenses increased by $19.2 million from March 2022.



By Sialai Sarafina Sanerivi 12 June 2023, 11:00AM
Samoa Observer

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