Prime Minister Godwin Friday has revealed his newly elected administration is confronting a substantial national debt of EC$3.1 billion while simultaneously working to fulfill its campaign promises. In multiple radio interviews this week, the Prime Minister, who also serves as Finance Minister, detailed the challenging fiscal landscape his New Democratic Party (NDP) government inherited just three weeks after taking office.
Despite the significant debt burden, PM Friday emphatically committed to honoring all electoral pledges. He confirmed a salary bonus will be distributed in January and announced that social welfare payments will increase to EC$500 beginning in February. When questioned about funding sources for these initiatives, the Prime Minister responded, “You let me worry about that.”
The scale of the debt means over one-third of government revenue is currently allocated to debt servicing, creating substantial pressure on public finances. Friday described the economic situation as “eleven” on a scale of one to ten in terms of severity.
The Prime Minister explained the debt comprises obligations to foreign nations, the Caribbean Development Bank, and various financial instruments floated to cover expenditures. Additionally, he acknowledged significant unpaid obligations to local businesses that the previous administration had accumulated.
Rather than commissioning immediate audits, the NDP government is conducting its own assessment of wastage and inefficiencies. Friday cited the recent Emancipation cricket tournament as an example of misplaced priorities, noting its cost equaled a full year of the proposed baby bonus program.
The administration plans to implement stricter financial controls, improve efficiency in development projects, and stabilize public finances while maintaining investments in economic growth. Friday emphasized this approach represents a return to proper fiscal governance rather than austerity, stating his government aims to “bring hope to people” through responsible financial management.