Prime Minister Godwin Friday of St Vincent & the Grenadines has described the national debt as a significant challenge that is more severe than he had anticipated before taking office.
He says the total amount of public debt currently stands at approximately $3.1 billion.
Prime Minister Friday says the debt is owed to various entities, including partner countries, the Caribbean Development Bank and various financial instruments.
He says a major concern is that 36 cents out of every dollar of government revenue is currently used to service this debt.
The Prime Minister added that the country has reached a point where it "can't borrow much more" and must find alternative ways to meet its obligations.
He cited the $3.1 billion debt as the primary reason his administration intends to move forward with a Citizenship by Investment programme by 2026, as the country requires new revenue streams to plan for the future.
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