Prime Minister Godwin Friday disclosed on Tuesday that St. Vincent and the Grenadines is carrying a national debt of approximately $3.1 billion, a revelation made during a live interview on Hot 97.1 SVG.
Speaking candidly on the station’s popular morning programme, Dr. Friday addressed the country’s financial standing while responding to questions on governance, public expenditure, and fiscal responsibility. He explained that the debt is spread across a combination of regional and international creditors, including the Caribbean Development Bank, bilateral partner governments, and various financial instruments.
According to the Prime Minister, the debt accumulated over years and represents long-standing financial obligations rather than recent borrowing alone. He noted that despite the burden, the government continues to meet its commitments, including the payment of public servants’ salaries and previously announced bonus payments.
However, Dr. Friday acknowledged ongoing cash-flow challenges, revealing that some local businesses are experiencing delays in receiving payments owed by the state. When asked whether he knew the exact level of indebtedness at the time his administration assumed office, the Prime Minister laughed and declined to provide a specific figure, saying he did not wish to “disclose that right now.”
The interview briefly took on a lighter tone when station owner Luke Boyea jokingly asked whether the debt figure would make him cry. Dr. Friday replied that it “might,” drawing laughter from those in the studio, before returning to the seriousness of the issue.
The Prime Minister said his administration is conducting a close review of the nation’s financial position and reiterated that he was aware of the scale of the challenge even before taking office. Asked to rate how bad the condition of the economy was after the Unity Labour Party (ULP) left office on a scale of one to ten, Dr. Friday responded bluntly, “Eleven.”
The government says efforts are ongoing to stabilize the economy and place public finances on a more sustainable footing.
