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Country’s public debt decreases by Nu 4bn in third quarter

November 5, 2023
in Economy, Other Stories
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The country’s total public debt decreased by Nu 4bn in the third quarter of this year compared to the preceding quarter. According to the finance ministry’s Public Debt Situation report, the total debt decreased owing to improvements in domestic revenue inflows and the settlement of other outstanding overdraft facilities during the third quarter. As of September end, the country’s total debt stands at almost Nu 273bn.

Of the total debt, external debt makes up Nu 246.8bn and the domestic debt share comprises Nu 26.1bn.

The decrease of Nu 4bn between July and September months represents a one and a half per cent drop in the total debt.

Despite domestic debt decreasing by over 20.4 per cent, which translates to about Nu 7bn in the three-month period, the external debt increased by Nu 2.6bn.

Of the total external debt of almost Nu 246.8bn, about 70 per cent of it is hydropower debt.

The hydro debts are for the six hydropower projects of Mangdechhu, Punatsangchhu I and II, Nikachhu, Dagachhu, and Basochhu.

Similarly, the non-hydro debt stands at Nu 79.7bn, which constitutes 32.3 per cent of the total external debt.

As for non-hydro budgetary debt, where all liabilities fall directly on the government, as of September end, the non-hydro budgetary debt stood at Nu 90.6bn.

The Public Debt Management Policy 2023 requires non-hydro budgetary debt to be within 55 per cent of the total GDP. The current number stands at 44.8 per cent.

As for the Nu 26.1bn domestic debt, Nu 18.1bn is for government bonds, which have three, five, seven, nine, 10 and 12-year maturity periods.

Nu 7.3bn is for treasury bills.

Despite elevated levels of total public debt at almost 135 per cent of GDP, the finance ministry deems overall risk as manageable.

The external debt distress on the other hand is considered moderate as a significant portion of the external debt is for hydropower, which is seen as commercially viable with a secure export market in India.

Deki Lhazom, BBS News

Edited by Sherub Dorji

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