Dominica Records Large National Debt of Over $700,000,000

business-budgetAhead of Dominica’s 2013 National Budget, the Director of Audit, Mr. Clarence Christian, has stated that the National Debt exceeds seven hundred million dollars.

The National debt refers to the total amount of money that a country’s Government has borrowed, by various means.

Mr. Christian says loans to statutory companies, which are guarantees by Government, stands over $100,000.00.

This represents 68% of the country’s Gross Domestic Product (GDP).

The GDP is one of the primary indicators used to gauge the health of a country’s economy, and it represents the total dollar value of all goods and services produced over a specific time period.

He also indicated that, a domestic contingent liability, which forms part of the National Debt, is $117, 755, 903.00.

 

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