ISSUE NO.3/2021| NOVEMBER 2021 | |
Government of Anguilla | Q3- 2021 |
Ministry of Finance- Debt Unit | as of 30th September 2021 |
The Quarterly Debt Bulletin, prepared by the Government of Anguilla, summarises the public debt position, public debt structure and public debt ratios for Anguilla as at the end of the quarter in review. The currency quoted is in millions of Eastern Caribbean Dollars (XCD/ EC$M). The data presented covers total public debt, both external and domestic, for central government as well as government guaranteed debt and non- guaranteed debt of State Owned Enterprises at end of fiscal year 2020 (Q4-2020).
1. Total Public Disbursed Outstanding Debt (DOD) as at 30th September 2021 stood at $440.76m. The DOD decreased by 2.97% ($13.49m) and 5.68% ($26.52m) over the DOD at the end of Q2-2021and the same period in 2020 respectively. At the end of Q3-2021Central Government debt accounted for 94.89% ($418.24m) and Government Guaranteed and Non-Guaranteeddebt accounted for the remaining 5.11% ($22.52m). Disbursements on existing debt totaled $0.14m. There was no new debt contracted during Q3-2021.
FIGURE 1:
FIGURE 3: | |||||
PUBLIC DEBT BY BORROWER Q3-2020 to Q3-2021 | |||||
500.00 | |||||
450.00 | |||||
400.00 | |||||
350.00 | |||||
EC$M | 300.00 | ||||
250.00 | |||||
200.00 | |||||
150.00 | |||||
100.00 | |||||
50.00 | |||||
0.00 | |||||
Q3-2020 | Q4-2020 | Q1-2021 | Q2-2021 | Q3-2021 |
TOTAL PUBLIC DEBT, Q3-2020 to Q3-2021 | Central Government | ||||||||||||||||||||||||||
Government Guaranteed & Non-Guaranteed | |||||||||||||||||||||||||||
550.00 | Total Debt | ||||||||||||||||||||||||||
500.00 | |||||||||||||||||||||||||||
450.00 | FIGURE 4: | ||||||||||||||||||||||||||
400.00 | PUBLIC DEBT BY INTEREST RATE COMPOSITION, EC$M | ||||||||||||||||||||||||||
EC$M | 350.00 | ||||||||||||||||||||||||||
300.00 | |||||||||||||||||||||||||||
250.00 | |||||||||||||||||||||||||||
200.00 | |||||||||||||||||||||||||||
150.00 | |||||||||||||||||||||||||||
100.00 | |||||||||||||||||||||||||||
50.00 | |||||||||||||||||||||||||||
0.00 | |||||||||||||||||||||||||||
Q3-2020 | Q4-2020Q1-2021 | Q2-2021 | Q3-2021 | 290.47 | |||||||||||||||||||||||
Total Debt | External Debt | Domestic Debt | 277.09 | 281.69 | 276.45 | 267.34 | |||||||||||||||||||||
FIGURE 2: | |||||||||||||||||||||||||||
PUBLIC DEBT COMPOSITION, Q3-2021 | 190.19 | 186.45 | 182.23 | 177.80 | |||||||||||||||||||||||
173.42 | |||||||||||||||||||||||||||
Q3-2020 | Q4-2020 | Q1-2021 | Q2-2021 | Q3-2021 | |||||||||||||||||||||||
Variable Rate | Fixed Rate | ||||||||||||||||||||||||||
External Debt
40.15%
Domestic
Debt
59.85%
2. Central Government Debt was recorded at $418.24m at the end of Q3-2021.This represented a decrease of $12.99m (3.01%) and $43.85m (9.49%) when compared to Q2-2021and Q3-2020respectively. External debt accounted for $173.62 (41.51%) and domestic debt $244.63m (58.49%).
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Government of Anguilla
Ministry of Finance- Debt Unit
FIGURE 5:
CENTRAL GOVERNEMNT DEBT, Q3-2020 to Q3-2021
500.00
400.00
EC$M | 300.00 | ||
200.00 | |||
100.00 | |||
0.00 | |||
Q3-2020Q4-2020Q1-2021 | Q2-2021Q3-2021 | ||
TOTAL | External Debt | Domestic Debt |
3. Total Guaranteed & Non-Guaranteed Debt stood at $22.52m at the end of Q3-2021.Total Guaranteed & Non-Guaranteeddebt decreased by $0.50m (2.18%) and increased by $17.33m (333.57%) when compared to Q2-2021and Q3- 2020 respectively. This increase, Q3-2021over Q3- 2020, is due to the inclusion of the Non-
Guaranteed SOE's debt at the end of fiscal year
2020. External debt accounted for $3.35m
(14.88%) and domestic debt $19.17m (85.12%) at end Q3-2021.
FIGURE 6:
GOVERNMENT GURANTEED & NON GUARANTEED DEBT, Q3-2020 TO Q3-2021
30.00 | |||||
25.00 | |||||
EC$M | 20.00 | ||||
15.00 | |||||
10.00 | |||||
5.00 | |||||
0.00 | |||||
Q3-2020 | Q4-2020 | Q1-2021 | Q2-2021 | Q3-2021 | |
External Debt | Domestic Debt | Total Debt |
4. Total Public External Debt recorded at the end of Q3-2021was $176.97m, a decrease of 2.25% ($4.57m) and 8.96% ($17.43m), when compared to Q2-2021and Q3-2020respectively. The largest share of external debt is held by Central Government in the amount of $176.62m. Government Guaranteed debt accounted for the remaining $0.35m. There was also no external
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debt associated with Non-Guaranteed SOE's Debt. The main external creditor was Caribbean Development Bank (CDB), corresponding to $176.37 in debt. The main loan currency was the United States Dollar (USD) at $176.37m (US$65.32m) or 99.66% of the debt and the remaining portion of $0.60m or 0.34% of the debt was denominated in Euro. The variable interest rate debt accounted for 97.99% ($173.42m) while the fixed rate debt accounted for the remaining 2.01% ($3.55m). There were no external arrears.
FIGURE 7:
EXTERNAL DEBT BY BORROWER Q3-2020 to Q3-2021
200.00 | |
EC$M | 150.00 |
100.00 | |
50.00 |
0.00 Q3-2020Q4-2020Q1-2021Q2-2021Q3-2021
Central Government Government Guaranteed & Non-Guaranteed
FIGURE 8:
EXTERNAL DEBT BY INTEREST RATE TYPE, Q3-2020 to Q3-2021
200.00 | |
EC$M | 150.00 |
100.00 | |
50.00 | |
0.00 |
Q3-2020Q4-2020Q1-2021Q2-2021Q3-2021
Fixed Rate | Variable Rate | |
FIGURE 9:
EXTERNAL DEBT BY CURRENCY AND CURRENCY TYPE, Q3-2020 to Q3-2021
200.00 | 120.00 | |
195.00 | 100.00 | |
190.00 | 80.00 | |
EC$M | 185.00 | |
% | ||
180.00 | 60.00 | |
40.00 | ||
175.00 | ||
170.00 | 20.00 | |
165.00 | 0.00 |
Q3-2020Q4-2020Q1-2021Q2-2021Q3-2021
United States Dollars | Euros | |||
Fixed [RHS] | Floating [RHS] | |||
*RHS - Right Hand Scale |
5. Total Public Domestic Debt recorded at the end of Q3-2021was $263.79m, a decrease of 3.27% ($8.92m) and 3.33% ($9.09m) when compared to Q3-2020and Q2-2021respectively. The largest share of domestic debt is held by Central Government at 92.74% ($244.63m) with the remaining 7.26% ($19.17m) related to Government Guaranteed and Non-Guaranteeddebt of SOEs. Of the domestic debt at the of Q3- 2021, 92.73% ($244.63m) was denominated in Eastern Caribbean Dollars and the remaining 7.27% ($19.17m) in United States Dollars. The main creditor category was Government Related Institutions:- specifically, the Anguilla Social Security Board (ASSB) accounted for $208.82m (79.10%) of domestic debt. Under the domestic debt by instruments, the ASSB Promissory Note accounted for 79.10% ($208.65m) of the domestic debt portfolio; followed by the Depositors' Protection Trust (DPT) with 12.94% ($34.13m); Public Private Partnerships with 7.20% ($19.00m); the overdrafts and loans accounted for less than 1% with the amounts being $1.85m and $0.17m respectively. There were no domestic arrears.
FIGURE 10:
DOMESTIC DEBT BY CREDITOR CATEGORY, Q3-2020 TO Q3-2021
225.00 | |
200.00 | |
175.00 | |
150.00 | |
EC$M | 125.00 |
100.00 | |
75.00 | |
50.00 | |
25.00 | |
0.00 |
Q3-2020Q4-2020 | Q1-2021Q2-2021Q3-2021 | ||
Central Bank | Government Related Institutions | ||
Commercial Banks | Private | ||
Government of Anguilla
Ministry of Finance- Debt Unit
FIGURE 11:
DOMESTIC DEBT BY BORROWER, Q3-2020 TO Q3-2021
300.00
250.00
200.00
150.00 EC$M
100.00
50.00
0.00
Q3-2020 Q4-2020 Q1-2021 Q2-2021 Q3-2021 Government Guaranteed & Non-Guaranteed Central Government
FIGURE 12:
DOMESTIC DEBT BY INSTRUMENT, Q3-2021
6. Total Debt Service during Q3-2021 totalled $12.35m. This amount decreased by 0.40% ($0.52m) and 0.02% ($0.25m) when compared to Q2-2021 and Q3-2020 respectively. Interest payments accounted for $3.32m and amortization accounted for $9.03m, which is 26.08% and 73.12% of total debt service respectively. Domestic debt service represented 49.15% ($6.07m) of the actual debt service for Q3-2021 and external debt service, the remainder 50.85% ($6.28m).
Note that the table below does not present the repayment currency and all monies were converted to Eastern Caribbean Dollars.
TABLE 1:
DEBT SERVICE PAYMENTS, Q3-2020 to Q3-2021
Debt Service Payments | Q3-2020 | Q4-2020Q1-2021 | Q2-2021Q3-2021 | ||
Total Debt Service | 12.60 | 14.09 | 10.88 | 12.86 | 12.35 |
Total Principal Repayments | 8.41 | 10.10 | 7.09 | 9.38 | 9.03 |
Total Interest Payments | 4.19 | 3.99 | 3.78 | 3.48 | 3.32 |
External Debt Service | 6.80 | 6.76 | 6.49 | 6.34 | 6.28 |
Principal Repayments | 4.68 | 4.71 | 4.70 | 4.71 | 4.74 |
Interest Payments | 2.12 | 2.05 | 1.79 | 1.63 | 1.54 |
Domestic Debt Service | 5.80 | 7.33 | 4.39 | 6.52 | 6.07 |
Principal Repayments | 3.73 | 5.39 | 2.39 | 4.67 | 4.29 |
Interest Payments | 2.08 | 1.94 | 2.00 | 1.85 | 1.78 |
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Government of Anguilla
Ministry of Finance- Debt Unit
7. Disbursements for Q3-2021 totalled $0.14m, due primarily to continuous disbursements on the Anguilla Community College Project Loan, which was contracted in 2014 from CDB. There were no new loans contracted in Q3-2021.
TABLE 2:
NEW FINANCING, Q3-2020 to Q3-2021
Anguilla - New Financing (EC$M)
New Financing (EC$M) | Q3-2020 | Q4-2020Q1-2021Q2-2021Q3-2021 | |||
External | 1.09 | 0.79 | 0.32 | 0.13 | 0.14 |
Multilateral | 1.09 | 0.79 | 0.32 | 0.13 | 0.14 |
Domestic | - | - | - | - | - |
8. Debt Ratios
The sustainability indicator, Debt/GDP for Q3-2021 reflects an increase in nominal debt stock of 8.03 percentage points and a decrease of 4.86 percentage points when compared to Q2-2021 and Q3-2020 respectively. At the end of Q3-2021, Anguilla was not in compliance with the Eastern Caribbean Currency Union Debt/GDP target of 60 per cent by 1.54 percentage points. The Average Time to Maturity (ATM) stood at 7.40 years and the Average Time to Refixing (ATR) 5.38 years, with the share of interest to be refixed in one year at 82.91%.
TABLE 3:
SUSTAINABILITY INDICATORS
Sustainability Indicators | Q3-2020 | Q4-2020Q1-2021Q2-2021Q3-2021 | |||
Public Sector Debt to GDP (%) | 66.40 | 64.98 | 54.64 | 53.51 | 61.54 |
External Debt to GDP | 27.62 | 25.96 | 21.92 | 21.38 | 24.71 |
Domestic Debt to GDP | 38.78 | 39.03 | 32.71 | 32.12 | 36.83 |
Average Time to Maturity (ATM)(Yrs) | 8.46 | 7.57 | 6.91 | 6.77 | 7.40 |
External Debt | 5.52 | 4.70 | 4.81 | 4.95 | 5.54 |
Domestic Debt | 9.03 | 8.54 | 8.12 | 8.55 | 8.73 |
Average Time to Refixing (ATR)(Yrs) | 5.50 | 5.15 | 5.04 | 5.23 | 5.38 |
External | 0.58 | 0.56 | 0.56 | 0.56 | 0.70 |
Domestic | 9.03 | 8.54 | 8.12 | 8.55 | 8.73 |
Share of Interest Rate to be refixed | |||||
within one year | 81.58 | 82.91 | 79.64 | 81.40 | 82.91 |
FIGURE 13:
TOTAL PUBLIC DEBT- MATURITY PROFILE
80.00 | |
70.00 | |
60.00 | |
50.00 | |
40.00 | |
EC$M | 30.00 |
20.00 | |
10.00 | |
0.00 |
2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | 2032 | 2033 | 2034 | 2035 | 2036 | 2037 | 2038 | 2039 | 2040 | 2041 | 2042 |
Domestic | External | |||||||||||||||||||
Figure 13 depicts the maturity structure of Anguilla's public debt stock at the end of Q3- 2021. The maturity profile refers to the amount of debt that is falling due in a given period. Anguilla's existing debt is due to fully mature in 2041. The indicator shows that $54.07m matures in less than a year; $195.34m within 5 years and $191.35m in over 5 years.
TABLE 4:
FISCAL SUSTAINABILITY AND DEVELOPMENT
BENCHMARKS | |||||
Debt Indicators( %) | Targets | 2017 | 2018 | 2019 | 2020 |
Net Debt/Recurrent Revenue | ≤ 80% | 264.86 | 260.15 | 208.52 | 202.75 |
Variance | 184.86 | 180.15 | 128.52 | 122.75 | |
Debt Service/Recurrent Revenue | ≤ 10% | 20.63 | 23.58 | 20.42 | 21.84 |
Variance | 10.63 | 13.58 | 10.42 | 11.84 | |
LiquidAssets/Recurrent Expenditure | ≥ 25% | 0.90 | 0.17 | 0.25 | 0.23 |
Variance | -24.10 | -24.83 | -24.75 | -24.77 |
At the end of 2020 (Q4-2020) the GoA remained in breach of the prescribed benchmarks as agreed with the United Kingdom Government.
Source for all Figures and Tables: Debt Unit, Ministry of Finance, Government of Anguilla
Address: Ministry of Finance, St. Mary's Road, The Valley, Anguilla | Website: www.gov.ai Tel: (264)497-2547 |
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Government of Anguilla published this content on 25 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 January 2022 13:56:10 UTC.
