increases in Retiring Benefits and Other Benefits of $8.2 million and $4.0 million respectively. The projection for current transfers was $1,084.2 million. Capital expenditure for the period under review was $171.3 million compared to $143.9 million for the corresponding period in 2013-2014. Capital formation decreased by $9.4 million whereas capital transfers increased by $33.3 million. This is mainly attributed to the subscription of $50 million by the Government of Barbados to become a member of Corporación Andina de Formento (CAF). It should be noted that the projection for capital expenditure was $173.3 million. Total expenditure for April 2014 to March 2015 was $3,853.5 million compared to $3,939.5 million in the corresponding period of 2013-2014. The projection for the period was $3,929.1 million. Debt Central Government’s disbursed and outstanding debt at $11,390.4 million as at March 2015, approximately 133.1% of projected Gross Domestic Product (GDP), compared to $11,070.9 million for the corresponding period ending March 2014. Of the $319.4 million increase in Government debt, there was a $22.6 million net increase in external debt, compared to the same period in the previous year, mainly the proceeds of the US$25.0 million First Citizens’ loan. This increase was offset against repayments, particularly on the US$120.0M Bond. Domestic debt increased by $296.9 million, financed principally through the issuance of Debentures and Treasury Bills, which are significantly more prone to roll-over risk. The net increase of $319.4 million is attributable to the need to finance the deficit. Debt Service Total debt payments in the period April 2014 to March 2015 amounted to $1,442.1 million with interest payments of $664.8 million, amortization payments of $639.0 million, and Sinking Fund contributions of $138.3 million. Interest payments saw a net increase of $56.2 million, primarily as a result of interest payments due in respect of the Credit Suisse US$225.0 million and
increases in Retiring Benefits and Other Benefits of $8.2 million and $4.0 million respectively. The projection for current transfers was $1,084.2 million. Capital expenditure for the period under review was $171.3 million compared to $143.9 million for the corresponding period in 2013-2014. Capital formation decreased by $9.4 million whereas capital transfers increased by $33.3 million. This is mainly attributed to the subscription of $50 million by the Government of Barbados to become a member of Corporación Andina de Formento (CAF). It should be noted that the projection for capital expenditure was $173.3 million. Total expenditure for April 2014 to March 2015 was $3,853.5 million compared to $3,939.5 million in the corresponding period of 2013-2014. The projection for the period was $3,929.1 million. Debt Central Government’s disbursed and outstanding debt at $11,390.4 million as at March 2015, approximately 133.1% of projected Gross Domestic Product (GDP), compared to $11,070.9 million for the corresponding period ending March 2014. Of the $319.4 million increase in Government debt, there was a $22.6 million net increase in external debt, compared to the same period in the previous year, mainly the proceeds of the US$25.0 million First Citizens’ loan. This increase was offset against repayments, particularly on the US$120.0M Bond. Domestic debt increased by $296.9 million, financed principally through the issuance of Debentures and Treasury Bills, which are significantly more prone to roll-over risk. The net increase of $319.4 million is attributable to the need to finance the deficit. Debt Service Total debt payments in the period April 2014 to March 2015 amounted to $1,442.1 million with interest payments of $664.8 million, amortization payments of $639.0 million, and Sinking Fund contributions of $138.3 million. Interest payments saw a net increase of $56.2 million, primarily as a result of interest payments due in respect of the Credit Suisse US$225.0 million and
Budget-2015.docx