Vice President Bharrat Jagdeo has highlighted Guyana’s exceptionally low debt-to-GDP ratio, describing it as one of the lowest in the world and a testament to the country’s prudent fiscal management and robust economic growth.

Recent official figures show that Guyana’s debt-to-GDP ratio stood at approximately 24.3% at the end of 2024, a dramatic decline from 47.4% in 2020. This reduction comes despite a significant increase in total public and publicly guaranteed debt, which reached nearly US$6 billion by the end of last year. The government attributes this achievement to the rapid expansion of Guyana’s economy, driven largely by the burgeoning oil sector.

According to the International Monetary Fund’s assessment, only 27 out of 236 countries and territories have a debt-to-GDP ratio below 30%, placing Guyana among the top 10% of countries globally with the least debt relative to economic output. Within the Western Hemisphere, Guyana now ranks as having the second lowest debt-to-GDP ratio.

Government officials, including Vice President Jagdeo and Senior Minister with responsibility for Finance Dr. Ashni Singh, have repeatedly assured the public that the country’s current debt level is sustainable. They emphasize that even with the recent increases in borrowing ceilings to support major infrastructure and development projects, Guyana’s debt remains well below international risk thresholds.

The government’s strategy has been to leverage its strong fiscal position to finance transformative projects without jeopardizing long-term economic stability. Officials have also pointed out that as oil production continues to rise, Guyana’s capacity to service its debt will only improve, further strengthening its position as one of the world’s most fiscally secure emerging economies.