Amidst strong condemnation from the Opposition, government on Thursday approved massive hikes in the external and domestic debt ceilings—the second time in 30 months.
After heated debate from both sides of the House, government used its majority to increase the current limit on external loans from $650,000,000,000 to $900,000,000,000 and domestic debt from $500,000,000,000 to $750,000,000,000.
But the increases did not sit well with the main APNU+AFC Opposition which vehemently argued that with the revenues being garnered from Guyana’s new and burgeoning oil and gas sector, massive borrowing cannot be justified.
