REVIEW OF THE ECONOMY 2013
39
SUSTAINING GROWTH, SECURING PROSPERITY
$1,765.6 million in External Borrowings and
$711.5 million in Capital Repayments.
Net Domestic Financing is estimated to
reach$3,982.5million;$1,507.6millionmorethan
the 2012 fiscal balance. Domestic Borrowings is
estimated at $3,000.0million, and the Change in
Cash Balances and Other Securities is expected
to amount to $3,963.8 million. Domestic Capital
Repayments and Sinking Fund Transfers are
estimated at $1,918.2 million and $1,063.1
million respectively. Comparatively, of the
$2,474.9 million required in Domestic Financing
in fiscal 2012, $2,880.9 million was sourced
through Domestic Borrowings, while $1,742.4
represents the Change in Cash Balances and
Other Securities.
PUBLIC DEBT AND DEBT
SERVICE
The Net Public Sector Debt Stock
2
is anticipated
to increase by 6.9percent from$69,156.8million
in fiscal 2012 to $73,916.8 million by the end of
the current fiscal year. This notwithstanding, Net
Public Sector Debt as a percentage of GDP
3
is
projected to decrease from45.0 percent in fiscal
2012 to 44.7 percent in fiscal 2013.
However, Gross Public Sector Debt, which
includes
borrowings
for
Open
Market
Operations (OMOs), moved from $88,356.8
million to $94,676.1 million due to the issuance
of two Treasury Bonds for liquidity management
purposes during the fiscal year.
Domestic Debt, comprising 80.4 percent of Net
Public Sector Debt and including Contingent
Liabilities, is expected to grow by $4,886.7
million or 8.8 percent by the end of the fiscal
2
Net Public Sector debt stock is defined as the sum of all
domestic and external obligations of public debtors which
include the Central Government and autonomous public
bodies such as State Enterprises and Statutory Authorities.
It excludes instruments of Open Market Operations (OMOs)
such as Treasury Bills, Treasury Notes and Treasury Bonds.
3
Gross Domestic Product (GDP) is projected to increase
from $153,587.7 million in 2012 to $165,188.7 million in
2013.
Figure 11:
Central Government Expenditure
Source: Ministry of Finance and the Economy
Figure 12:
Recurrent Expenditure Major
Components
Source: Ministry of Finance and the Economy
FINANCING
The
financing
requirement
for
Central
Government Fiscal Operations is estimated at
$6,485.4 million to finance the Overall Deficit
for fiscal year 2013. Of this amount, $2,502.9
million is expected from external sources, while
$3,982.5 million is estimated to be financed
through Domestic Financing.
External Borrowings are estimated at $3,339.9
million of which $837.0 million represents
External Capital Repayments, resulting in the
Net External Financing balance of $2,502.9
million. Compared to fiscal 2012, the Net
ExternalFinancingof$1,054.1millioncomprised
CENTRAL GOVERNMENT OPERATIONS
