Caribbean: Debts

(asked on 18th March 2021) - View Source

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.


Answered by
John Glen Portrait
John Glen
Paymaster General and Minister for the Cabinet Office
This question was answered on 23rd March 2021

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.

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