Interest payments weigh heaviest in 2022!

Abstract

The central bank's annual report for 2022 reveals that interest payments have reached their highest level. This increase in interest payments suggests a significant debt burden on the government. The ratio of interest payments to total government revenue has surged from 35% in 2015 to a striking 78% in 2022. Notably, there was a substantial rise in interest payments between 2019 and 2020, with payments escalating from 47% to 71% mainly due to a substantial fall in government revenue as a result of tax cuts in late 2019 and early 2020. This increase in interest payments suggests a significant debt burden on the government.