The government has raised EC$30m through a one-year Treasury bill on the Eastern Caribbean Securities Exchange (ECSE), bringing total borrowing for the year to EC$50m.

According to a trading notice, the funds will be used to refinance maturing debt, support day-to-day cash flow and contribute to infrastructure projects. The auction coincided with the maturity of an EC$30m Treasury bill issued a year ago.

Public sector debt stood at EC$3.987bn at the end of September 2025, including EC$2.098bn in domestic debt and EC$1.888bn in external debt. The debt-to-GDP ratio is estimated at 61.4% by the end of 2025 — slightly above the Eastern Caribbean Central Bank (ECCB) target of 60%.

Of the EC$1.846bn in government domestic debt, nearly half is in government-issued securities, with commercial bank loans accounting for 24% and central bank financing 3%.

Between January and September 2025, the government paid EC$253.69m in domestic debt servicing, including EC$212.85m in principal and EC$40.84m in interest.

A further EC$115m in Treasury bills is due to mature in the first half of 2026. Tuesday’s auction was the second of 12 planned for the year, which aim to raise EC$175m. The next, scheduled for 18 March, will target EC$10m over one year.

A six-month Treasury bill issued in January raised EC$20m at a rate of 2.47%.

The government says it intends to reduce reliance on short-term borrowing and shift towards longer-term debt. A two-year Treasury note is planned for May, the longest maturity offered on the regional market this cycle.