Following 50 percent debt forgiveness on the Petro Caribe Agreement, St Vincent and the Grenadines Debt to GDP ratio now stands at 72 percent.
The benchmark by the Eastern Caribbean Central Bank recommends that countries have a Debt to GDP ratio of 60 percent.
Ambassador to SVG Perez Santana, said it was agreed with the Venezuelan government to apply a 50% Net Present Value (NPV) to the unexpired long-term debt of St. Vincent and the Grenadines.
As of September 28, 2017, this had a value of US$63, 222, 240.75, which once brought at present value, the amount is contracted to US$31,611,120.37.
Prime Minister Gonsalves speaking on the radio Tuesday 5th June said that the Debt to GDP fell some 8 percentage points from 80 percent to 72 percent.
He said the move by Venezuela is one to which this country is eternally grateful.