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Under Prime Minister Ralph Gonsalves and the Unity Labour Party (ULP) administration, St. Vincent and the Grenadines' public debt rose by 45 percentage points of GDP since 2019 to 113 percent of GDP in 2025, with roughly half of that increase occurring in just the last two years. The fiscal deficit in 2025 stood at 12 percent of GDP, 9 percentage points above its 2019 level. By early 2026, the incoming New Democratic Party (NDP) government reported inheriting a bank overdraft of approximately $200 million, more than double the statutory limit of $85 million, and revealed that the total national debt had reached $3.5 billion, pushing the debt-to-GDP ratio to 110%.
The IMF warned that without a decisive change in policies, public debt is projected to reach 145 percent of GDP by 2031. Currently, 39.5 cents of every tax dollar earned must be diverted immediately to servicing debt, a total of $358 million in 2026 alone, rather than funding social programs or development.
The burden of these outcomes rests squarely with the Gonsalves administration. Beyond the fiscal indicators, critics and civil society voices have pointed to governance failures in State-Owned Enterprises, which the NDP government described as suffering from "governance failures, a total lack of audited financial reports, and no basic planning for the future." The incoming government also found that current spending had spiraled out of control while capital projects remained unfinished.
The incoming government in 2026 inherited a nation described as facing a debt trajectory projected to reach 145% of GDP by 2031 without significant corrective action. Place the blame where it belongs, at Ralph Gonsalves's feet for the economic distress gripping SVG. The data makes the case, and it is time to wake up. https://www.jaysoftware.co.uk/af/lookup.php?id=6a55fee3eefb4
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