There was however, a 58 per cent decline in debt service
payment in the second half of the year to $824.41 million from $1.3 billion in
the first half, but the the $824.41 million still represents a 3.4 per cent,
year-on year, YoY increase from $797.48 million spent in the corresponding
period of 2020.
Again, the $1.3 billion spent on external debt service in
H1’21 represents 72 per cent, YoY increase from $755.38 million spent in
H1’2020.
Further analysis of the data by Vanguard shows that the
highest external debt service payment was recorded in first quarter of the year
(Q1’21) when debt service payment rose YoY by 114 per cent to $1.003 billion
from $468.34 million in Q1’2020.
The growth in external debt service payment slowed down the
second quarter (Q2’21) to $298.97 million, representing a 3.8 per cent YoY
increase from $287.04 million in Q2’2020.
In the third quarter (Q3’21), external debt service payment
rose to $520.78 million, representing 2.6 per cent increase from $508.03
million in Q3’2020.
In the fourth quarter (Q4’21), the amount spent on external
debt service payment recorded another YoY increase of 5.2 per cent to $303.64
million from $289.45 million in Q4’2020.
The sharp increase in external debt service payment in 2021
was driven by the 18.6 per cent YoY increase in the nation’s external debt in
the first three quarters of 2021.
Data from the Debt Management Office, DMO, showed that total
external debt stood at $37.95 billion at the end of Q3’21, representing 18.6
per cent from $31.99 billion at the end of Q3’2020.