The government yesterday approved massive hikes in the external and domestic debt ceilings – the second time in 30 months – signalling an aggressive borrowing campaign for massive infrastructural and other spending.
After heated debate, the current limit on external loans was lifted from $650,000,000,000 to $900,000,000,000 and domestic debt from $500,000,000,000 to $750,000,000,000.
In February of 2021, the government pushed through an increase in the external debt ceiling from $400b to $650b and the domestic debt ceiling from $150b to $500b. It means that in the span of 30 months, Guyana’s external debt ceiling has more than doubled and its domestic ceiling has been increased five-fold.