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Public Debt

Prior to March 1985, successive Governments had borrowed under a fixed exchange-rate regime to finance the balance of payments deficit. Since the adoption of a freely floating exchange-rate regime, Governments have undertaken new external borrowing only to rebuild the nation's external reserves and to meet refinancing needs.

Direct public debt increased by a net amount of $19,222 million including swaps between 1 July 2010 and 30 June 2011. This increase was due to a net increase in internal debt of $21,205 million and a decrease of $1,983 million in external debt.

Government gross direct debt amounted to 34.1% of GDP in the year ended June 2011, up from 25.8% the previous year.

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