K24.3bn in debt paid: Treasurer

The Government has paid a total of K24.3 billion in debt in the first three months of this year, both internationally and domestically.

Treasurer and Deputy Prime Minister Charles Abel said the Government is on par with fulfilling its obligations and repaying loans as scheduled.

Abel sought leave from Parliament today to announce the country’s debt in the first three months after being asked by Namatanai MP Walter Schnaubelt in the last sitting of Parliament.

Abel explained that the Government’s debt was paid in month-by-month basis and varies depending on the obligations that the loan scheduling, in relation to different types of financing, the Government had.

He further explained that the Government has external and domestic debts.

Abel said for the external debt, the Government has paid a total of K157.7 million in the first three months (January, February, March) whilst K46.3 million domestically which was paid to Bank South Pacific.

The Treasurer clarified that the BSP loan was for government obligation in terms of guarantee loans.

Abel said the Government also issued Treasury Bills to make money and make payments on a monthly basis.

The Government is progressing to the fiscal deficit position as budgeted and no intention of defaulting any debt repayments, stated the Treasurer.

Freddy Mou