See how our macroeconomic fundamentals have transformed over the past six years: While it is true that the total stock of public debt has quadrupled in six years, during that time:
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GDP has increased more than seven-fold (↑7.5x)
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Non-oil GDP has nearly tripled (↑2.5x)
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Gov’t Revenue has increased five-fold (↑5.1x)
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Non-oil Revenue has more than doubled (↑2.3x)
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Total net foreign sector assets have risen nearly eight-fold (↑7.7x)
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Debt service capacity has risen from 18x to 45x
Overall, our debt service capacity has increased by almost 27x, and the country’s general debt dynamics and risks are much lower than 6 years ago—with more than 7 times stronger macroeconomic fundamentals, whereby we have moved from economic stability to economic resilience.


