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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 $1,725 million including swaps between 1 July 2014 and 30 June 2015. This increase was owing to a net increase in internal debt of $7 million and an increase of $1,718 million in external debt.

Government gross direct debt amounted to 33.2% of GDP in the year ended June 2015, unchanged from 33.2 % the previous year.

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