Total public sector debt @ $145.95 million- 3rd Quarter Report
Central Government debt accounts for twelve (12) of these loans, valued at $107.23 million (73.5%), while guaranteed debt represents three (3) loans totalling $38.72 million (26.5%).
The Government’s domestic creditors include CIBC—Caribbean (Cayman Limited) (CIBC), Republic Bank, and the Social Security Board (SSB). The Government's external creditor is the Caribbean Development Bank (CDB).
Annual Comparison (2023–2025)
The outstanding public sector debt balance at the end of September 2025 shows:
- A 4.1% decline from June 2025, which was $152.23 million.
- A 4.9% decrease compared to September 2024.
- An 18.7% reduction compared to September 2023.
These reductions are primarily due to ongoing debt servicing, with no new disbursements recorded during the third quarter.
The third quarter of 2025 Public Sector Debt Report indicates that the domestic debt profile amounted to $67.66 million (46.6%) of the total public sector debt. This includes $22.07 million owed to SSB, $5.67 million to Republic Bank, and $39.92 million to CIBC. The external debt profile, which comprises the remaining $78.29 million (53.6%) of total public sector debt, is held exclusively by the CDB.
The report also highlights that, at the end of September 2025, the domestic debt totalling $67.66 million was distributed across the Construction, Health, Sewerage, Public Administration, Transportation, and Electricity sectors. This domestic debt consists of four (4) Central Government loans valued at $28.94 million and three (3) guaranteed loans totalling $38.72 million, held by the three creditors: SSB, CIBC, and Republic Bank.
The Central Government's domestic debt, amounting to $28.94 million, is allocated among the Construction, Health, Sewerage, Public Administration, and Transportation sectors, with holdings from SSB ($8.07 million), Republic Bank ($5.67 million), and CIBC ($15.20 million).
The guaranteed domestic debt, totalling $38.72 million, is associated with the Transportation and Electricity sectors and is held by CIBC ($24.72 million) and SSB ($14.00 million).
$100M CIBC loan finalised
In October 2024, the Government finalised a $100 million Infrastructure Loan facility with CIBC. While there were no additional disbursements by the end of September 2025, an extra $25 million is expected to be drawn by December.
Meanwhile, at the end of the third quarter of 2025, a significant 79.2% ($115.65 million) of the Government public sector debt portfolio consisted of loans with floating interest rates, supported by SSB ($8.07 million), CIBC ($29.92 million), and the CDB ($77.66 million). The remaining $30.31 million (20.8%) comprised loans with fixed interest rates held by Republic Bank ($5.67 million), CIBC ($10.00 million), SSB ($14.00 million), and CDB ($0.63 million).
The report further stated that debt servicing is expected to gradually increase over the next three years, driven by continued disbursements on the CIBC $100 million Infrastructure Loan facility and the CDB $65.29 million Rapid Response Loan (RRL).
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14 Responses to “Total public sector debt @ $145.95 million- 3rd Quarter Report”
Everyone who is in the BVI working, most or the outside labor force will be gone. And that’s where our troubles begins.
Business case. Ha ha ha. We soon to find out why those reports so SECRET and we soon to be paying for it.
The Government balance sheet is massively inflated and a huge part of Government costs goes towards paying its employees and rent which is why there is so little for the everyday running costs of the country.
Us borrowing money for projects is just full out wrong and ties us into a relationships we would be better without. The BVI Government needs to aggressively fix its budgets to remove wasteful spending, it needs to pay its debt off and it needs to increase its emergency fund and then have a savings fund which uses the interest to invest back in the country.
The person / company / country with no debt is not beholden to anyone and is far more flexible.
Debt is a false tool. It is not a positive as pushed by the financial industry that makes money off it.
In arguably, the territory must invest but it is important that it also maximize budget efficiency at the apex, down to the base of the budget management and execution triangle. This process must include annual , mid-year budget execution reports, annual comprehensive financial and accounting audits. Virgin Islanders have a habit of going to polls and go in hibernation until the next election, disengaging.Voters may stay engaged, lighting fight under representatives as needed. The constitution must provide provisions for recalling poorly performing representatives. Additionally, should be won by won by 50% + 1. The first pass the poll is wack.