The National Assembly on Thursday affirmed the External Loans (Increasing of Limit) Order 2021 which increases Guyana’s external debt threshold from $400 billion to $650 billion.
In presenting the motion to the House, Minister with responsibility for Finance Ashni Singh stressed that there exists significant external loans that were contracted and that are currently undisbursed.
“Were they to have been fully disbursed at the time the last administration demitted office, they would have utilised a significant amount of the room remaining within the prevailing statutory ceiling on external debt,” he said, adding that the remianing space would not be enough for government to secure the external financing necessary to pursue its ambitious programme of development aimed at transforming Guyana and delivering an improved quality of life to all Guyanese.