GOVERNMENT domestic debt, which had taken a downward spiral between October and November, has significantly increased to a record $178,3 billion, accordin
g to an update on the central bank’s website this week.
The government debt profile had not been updated since businessdigest’s report last month in which the debt stock had been reported to have touched a two month low of $107,1 billion in October after another decline in September that put the debt stock at $119,4 billion.
Domestic debt had peaked to a high of $127,4 billion in mid-September.
But according to latest statistics, the debt had moved upwards since October, reaching $156,6 billion by the end of November.
It had grown to $157 billion on December 1, and further to $178,3 billion by December 8.
Government’s domestic debt consists of government stocks, treasury bills and central bank advances.
Since January this year, domestic debt had been on an upward trend until the sudden trend downward in September.
Government’s domestic debt stock opened the year at $14,1 billion and has been consistently rising since then.
Government has said its debt has been bloated by food and fuel imports in a country facing its worst economic crisis in history since Independence in 1980.