With all due respect to the blather about the Government's success at being fiscally responsible, and reducing the GFS Deficit (a deceptive calculation at best) to an estimated $198 million, this quote from page 37 of the Budget speaks volumes.
"NATIONAL DEBT
"The Direct Charge on the Government grew by $616.2 million (12.4%) to $5,599.7 million in 2014, extending the $583.6 million (13.3%) growth in the prior year. Bahamian dollar debt, at an estimated 71.6% of the total, advanced by $339.0 million (9.2%) to $4,009.7 million, while total foreign currency credit expanded by $277.2 million (21.1%) to $1,590.0 million.
"Government’s contingent liabilities increased by $46.9 million (7.8%) to $648.1 million at end-December, a reversal from a slight $2.1 million (0.4%) decline to $601.2 million in 2013, reflecting mainly gains in the outstanding obligations of two entities.
"As a result of these developments, the National Debt expanded by 11.9% ($663.1 million) to $6,247.8 million at end-December 2014, following an 11.6% ($581.5 million) increase in the previous year."
