The Coalition Government has borrowed a total of $850 million since taking office, as reported by Deputy Prime Minister and Minister of Finance and Strategic Planning, Prof. Biman Prasad, in a report to Parliament. He was responding to a written inquiry regarding the total amount of loans raised by the Government from December 2022 to July 2024, the utilization of these funds, and the distribution of expenses between operational costs and capital investments.
Prof. Prasad noted that when the government assumed power in December 2022, the national debt was recorded at approximately $9.4587 billion. By the conclusion of the fiscal year 2023/2024, the government debt had climbed to about $10.3087 billion, resulting in a net increase of $850 million. He emphasized that these funds were entirely allocated to finance capital expenditures as outlined in the budgets for FY2022-2023 and FY2023-2024.
As of July 3, 2024, the total government debt comprised $6.5 billion from domestic borrowing and $3.7 billion from external sources. The national debt was reported to be $7 billion in July 2021 and had surpassed $9 billion in both 2022 and 2023.