The new PM says the country's debt is way worse than he thought. Prime Minister Godwin Friday of St Vincent and the Grenadines revealed the national debt is about $3.1 billion, owed to places like the Caribbean Development Bank and other bilateral partners. He said thirty-six cents of every revenue dollar now just services that debt, leaving the government in a tight spot where it cannot really borrow more.
Friday also mentioned a big stack of unpaid bills to local businesses, which sucks money out of the local economy. He pointed to this brutal debt load as the main reason his government is pushing a Citizenship by Investment program by 2026, to find new cash streams. The fiscal situation described in the transition documents was apparently more severe than he anticipated before taking office.
Friday also mentioned a big stack of unpaid bills to local businesses, which sucks money out of the local economy. He pointed to this brutal debt load as the main reason his government is pushing a Citizenship by Investment program by 2026, to find new cash streams. The fiscal situation described in the transition documents was apparently more severe than he anticipated before taking office.
