After endless campaign ads about a claimed $80 billion overdraft under the APNU+AFC in 5 years, the People’s Progressive Party (PPP) has racked up internal debt totaling $260 billion in just one year. This is according to the Auditor General’s report for 2021.
“In February 2021, the National Assembly approved the Public Loan (Increasing of Limit) Order, paving the way for the Domestic Debt ceiling to be revised, increasing it from G$150 billion to the new ceiling of G$500 billion. The Internal Debt at the end of 2021 was G$403.990 billion, compared with G$143.428 billion at the end of 2020, a net increase of G$260.562 billion,” the report stated.
With a further $1.34 million debt burden per household and PPP borrowing continuing to outpace oil revenues, Guyanese are yet to see any meaningful increase in standards of living.
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