Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how much debt is owed to the UK Government by (a) each of the five UK Overseas Territories in the Caribbean (b) other small island states; and how much of that debt will be due for repayment in each of the next three years.
The UK is committed to supporting the Overseas Territories in building successful and resilient economies. We provide technical support and encourage best practice in financial management.
There is currently no outstanding debt owed to the UK by the five UK Overseas Territories in the Caribbean.
Below is a breakdown of total debt owed to the UK by other small island states (as defined by the UN), including a breakdown of repayments due over the next three financial years.
Outstanding debt owed to the UK by small island states:
Country | Agreement | Currency | Arrears | Total due for the financial year: 1/4/21 - 31/3/22 | Total due for the financial year: 1/4/22 - 31/3/23 | Total due for the financial year: 1/4/23 - 31/3/24 | Total due over three years, excluding arrears | UKEF and FCDO total exposure, including arrears (£)[1] |
Antigua & Barbuda | UK/Antigua & Barbuda Debt Agreement No. 1 | GBP | 803,093 | 196,209 | 200,242 | 202,933 | 599,386 | 1,390,000 |
Cuba | UK/Cuba Short Term Debt Rescheduling Agreement | GBP | 3,110,935 | 630,135 | 0.00 | 0.00 | 630,135 | 190.970,000 |
Cuba | UK/Cuba Debt Agreement No. 5 | GBP | 2,226,624 | 2,923,954 | 3,128,127 | 3,335,317 | 9,387,399 | |
Grenada | UK/Grenada Debt Agreement No. 2 | GBP | 0.00 | 5,395 | 86,130 | 86,050 | 177,576 | 1,030,000 |
Seychelles | UK/Seychelles No. 1 | USD | 0.00 | 8,909 | 149,518 | 169,310 | 327,738 | 4,850,000 |
Seychelles | UK/Seychelles No.2 | GBP | 0.00 | 252,969 | 552,719 | 617,933 | 1,423,621 | |
St Vincent[2] | - | USD | 0.00 | 1,757,452 | 3,512,904 | 0 | 5,269,356 | 6,940,000 |
Dominica | - | USD | 0.00 | 1,710,364 | 1,669,676 | 1,629,418 | 5,009,459 | 5,460,000 |
Bahrain[3] | - | GBP | 0.00 | 1,993,505 | 1,993,505 | 1,993,505 | 5,980,517 | 33,730,000 |
[1] Total UK exposure as of 31st August 2020. The link for this information can be found here: https://www.gov.uk/government/statistics/report-on-outstanding-debt-owed-by-other-countries-to-her-majestys-government/ukef-and-dfid-sovereign-exposure-by-recipient-country-outstanding-and-arrears
[2] St Vincent does not have monies owed in the financial year commencing 1st April 2023 as their last repayment is due on 31st December 2022.
[3] The repayment totals for Bahrain are provisional as their facility is yet to be fully drawn down.