The provisional stock of government and government guaranteed external debt at the end of the second quarter of 2020 stood at US$24,035.89 million.
This is $1,096.29 million (4.8 per cent) higher than the stock position of $22,939.60 million registered at the end of the first quarter of 2020 and $3,453.48 million (16.8 per cent) more than the level of $20,582.41 million recorded in the second quarter of 2019.
The rise in the stock of external debt is attributed to net transactions (disbursements and amortizations) during the review quarter and the Eurobond issued in February 2020 as well as the IMF $1 billion received under the Rapid Credit Facility (RCF).
The external debt stock at the end of the second quarter of 2020 represents 35.5 percent of total GDP at current prices compared with 31.0 percent recorded for the same period in 2019.
Debt Stock by Creditor Group
The analysis of external debt by creditor category for the review period indicated that debt liabilities to multilateral creditors increased by $1,183.65 million (17.9 per cent), from $6,629.80 million recorded at the end of first quarter 2020.
Compared to the corresponding period of 2019, multilateral debts rose by 20.1 percent ($1,309.94 million). Multilateral debt accounted for 32.5 percent of the total debt stock at the end of Q2 2020, up from 31.6 percent in Q2 2019.
The Bilateral component of external debt stock for Q2 2020 was $1,204.32, representing a share of 5.0 percent of the total external debt stock compared with 5.8 percent for the same period in 2019.
Bilateral debts totalled $3.59 million (0.3 per cent) greater than the stock position of $1,200.73 million recorded at the end of Q1 2020 and $13.85 (1.2 per cent) above the level of $1,190.47 million registered in the same period of 2019.
The total debt owed to commercial creditors at end of June 2020 amounted to $2,148.32 million and accounted for 8.9 percent of the total external debt stock. This was $45.87 million (2.1 per cent) less than the level of $2,194.18 million recorded in Q1 2020, and a decrease of $222.25 million (9.4 per cent) below the level of $2,370.57 million recorded at the end of Q2 2019.
Debts owed to the International Capital Market stood at $10,231.08 million, constituting the highest percentage share of 42.6 percent of the total external debt stock at the end of Q2 2020 compared to 37.4 percent for the same period in 2019.
This was $2,536.35 million above the level of $7,694.73 million registered in Q2 2019.
Other Concessional loans and debts from Export Credit Agencies decreased by $26.12 million (1.6 per cent) and $158.28 million (13.9 per cent) from a level of $1,680.71 million and $1,142.41 million respectively on year-on-year basis.
Other Concessional loans and debts from Export Credit Agencies constitute 6.9 percent and 4.1 percent of the total external debt stock at the end of Q2:2020 compared to 8.2 percent and 5.6 percent for the same period in 2019, respectively.
