Data as at 31 December 2025 · Research and citation review completed 4 October 2026
When does Barbados’s debt have to be paid?
The budget provides for a one-third rise in principal repayments over three years. The nearest large identified domestic bullet repayment is BOSS Plus I in August 2027. The USD500m 2035 note begins principal repayment in December 2030; the longest restructured maturity reaches 2068. S2S3
BBD198.5mBOSS Plus I · 31 August 2027 Outstanding as at 31 December 2025 · S2
December 2030First USD50m principal instalment 2035 note terms · S3
2068Series G’s final maturity 31 December 2025 snapshot · S2
01
Why this matters for citizens
Interest on government debt is projected at about BBD708m in FY2026/27, roughly one dollar in every seven of government revenue. That leaves less room for public services and investment. [C, S1 Table 2a]
Barbadians are also lenders to government. BOSS Plus bonds are sold to individuals as well as institutions, and BOSS Plus I’s BBD198.5m falls due in August 2027. [R, S2, S18] The National Insurance scheme was the main subscriber to the BBD250m 2044 debenture issued in FY2024/25; this describes subscriptions at issue, not holdings today. [R, S28] Bond payments contribute to the assets and income supporting pensions. Depositors also have an indirect link through banks and credit unions that invest in government securities. [I]
Foreign-currency repayments, including the 2035 note’s instalments from December 2030, require foreign exchange. Financing them matters for the reserves that support the Barbados dollar’s peg. [R and I, S1, S3] After a qualifying hurricane or pandemic, some bond contracts allow government to defer payments, giving the budget breathing room subject to their conditions. [R and I, S3, S21]
A maturity is a date when money is owed, not a sign of trouble. A maturity may be met by issuing new debt rather than repaid from taxes. Knowing what falls due, who holds it and how it is financed helps citizens ask clearer questions about their taxes and savings.
Repayment dates connect to the other side of the question: who holds Barbados’s domestic debt? That research describes ownership shares. This calendar describes payment timing; the measures and snapshot dates differ.
02
The dated stock · as at 31 December 2025
One stock. Two different views.
An amortising bond repays principal before its final maturity. Switch views to see the difference. Neither view establishes what is outstanding today or which historical payments have been made.
BBD millions · calendar years · as at 31 December 2025. Select a year for instrument detail. Bars use one common scale within the selected view and horizon.
Balances without dated payments
These balances stay outside the dated bars. They are not assumed to be zero, repaid, or spread equally across years.
Principal-timing buckets and exact reconciliation
As at 31 December 2025 · BBD millions. The columns are distinct evidence methods; final-maturity stock is not added here.
Bucket from 31 December 2025
Terms supported
Conditional strip model
Short-term classification
Within 1 year · to Dec 2026
130.515
250.393
1,158.531
Over 1–3 years · to Dec 2028
306.582
548.910
0.000
Over 3–5 years · to Dec 2030
132.869
591.081
0.000
Over 5–10 years · to Dec 2035
951.300
1,021.339
0.000
Beyond 10 years · after Dec 2035
273.090
1,056.423
0.000
Allocated: BBD1,794.356m terms supported; BBD3,468.145m conditional model; BBD1,158.531m short-term classification. Unallocated principal: BBD8,495.208m. Separate rounding residual: BBD0. Together they reconcile to BBD14,916,239,137, across 169 unique instrument rows. Tolerance is ±BBD10 for printed-row rounding only; no residual is distributed into buckets. S2
Within one year, dated principal plus short-term stock gives BBD1,289.046m (8.6%). Including the conditional model gives BBD1,539.439m (10.3%). These are partial principal-timing estimates, not cash-settlement bounds. The alternative one-year final-maturity classification is BBD1,416.198m (9.5%); it excludes earlier amortisation. All three use the 31 December 2025 stock.
How much can be timed?
Share of central-government debt as at 31 December 2025
12.0% terms supported
23.3% conditional
7.8% short term
57.0% unallocated
Rounded independently; displayed shares total 100.1%. S2 · calculated
03
Separate projections · fiscal years run April to March
The budget’s repayments are rising
Budgeted principal rises from BBD781.8m in FY2026/27 to BBD1,046.7m in FY2028/29: 33.9%. Domestic principal rises 35.2%; external principal rises 31.9%. These provisions include future financing assumptions. They are not a calendar for the fixed December 2025 stock. S2 · calculated
Domestic principalExternal principal
Budget table · FY2026/27–FY2028/29
BBD millions · Revised Draft Estimates 2026–2027, Head 19 Treasury · S2
Fiscal year
Domestic principal
External principal
Total principal
Interest
FY2026/27
478.9
302.8
781.8
714.6
FY2027/28
563.9
347.0
910.8
696.0
FY2028/29
647.3
399.4
1,046.7
710.3
Treasury-bill and ways-and-means principal is absent from these amortisation lines. Absence from the budget does not mean zero contractual redemptions. Principal plus interest is distinct from recurrent debt service and loan expenses. S2
What drives the increase—and what remains unresolved?
Debentures and Treasury notes (programme 0116) account for 89.1% of the domestic net increase; IFI loans account for 96.2% of the external increase. The BAICO BBD23.3m bullet on 2 April 2028 matches the final year’s separate BAICO provision. S2 · calculated
After conditionally subtracting BOSS Plus I and the two 4.25% Treasury Notes from 0116, the remainder rises BBD271.1m in FY2028/29. This arithmetic does not establish where those instruments are budgeted. BOSS Plus II cohorts, other instruments, future borrowing assumptions and Series H’s gross accounting treatment remain to be traced.
Series H’s September 2023 strip was renewed for five years at 6%, explaining the duplicated September 2028 date. A gross redemption and reissue could enter budget principal, but the aggregate approved-versus-actual difference does not identify its treatment. S24S25S26S27
The IMF’s external-principal projection
This is a separate series from the June 2026 IMF report. Overlapping budget and IMF external-principal projections differ by about 1–5.5%; both may draw on government inputs. That is a consistency check across vintages, not independent validation. S1S2
IMF table · FY2026/27–FY2031/32
BBD millions · June 2026 IMF report, Table 2a p 37 · S1. Interest covers all central-government debt and is not added to external principal.
Fiscal year
External principal
Interest on all debt
FY2026/27
299
708
FY2027/28
329
717
FY2028/29
413
764
FY2029/30
428
773
FY2030/31
497
780
FY2031/32
528
787
The IMF reports SDR78m in repurchases prepaid through March 2028. This helps explain lower near-term Fund obligations; it does not provide an exact bridge between report vintages. S1 paragraph 46.
04
Reading the dates correctly
Contractually maturing, rolled by design
Series H is subject to perpetual-rollover terms. BBD165.776m of the 31 December 2025 stock matures in September 2028. Its final-maturity bar is hatched; it is outside the scheduled-principal allocation because cash settlement is unverified. S2S24S25
Legacy restructured bills were designed to roll every 90 days. Their current component is not separately identified within the BBD951.351m bill stock at 31 December 2025. The historical BBD495m figure is not deducted from it. S10
BOSS Plus II and III have cohorts
The 31 December 2025 balances are BBD196.418m and BBD199.599m. Staggered five-year bullets start in June 2028 and June 2030 respectively. Cohort amounts are unavailable, so neither whole balance is placed into that first year. S2 notes 11–12.
The old 2029 bond has a dated residual
BBD119.476m outstanding at 31 December 2025 equals USD59.738m at the peg. It is consistent with the October 2025 instalment having been paid on schedule; it is not a payment record. The remaining reconstructed schedule assumes original pro-rata amortisation continues. Subsequent balances and payments remain unverified. S2S12S16
Final maturity is only the last payment
The BBD 4.25% Treasury Note ending in November 2026 has four remaining BBD12.5m instalments in the December 2025 reconstruction. FY2026/27 captures only three, totalling BBD37.5m. The 2035 external note similarly spreads USD500m across ten USD50m principal instalments from December 2030 to June 2035. S14S3
05
169 rows · central government · as at 31 December 2025
The instrument inventory
Every reported balance is retained, including those without enough terms to allocate principal. Select a row for its method, source page and qualifications. Foreign-currency balances retain Appendix C’s BBD valuation; obligations are legally owed in their original currency.
Instrument and evidence
BBD m 31 Dec 2025
Original currency
Final maturity
Category reconciliation and scope
Reported category
BBD · 31 December 2025
Local notes and restructured bond series
6,424,528,412
External bonds due 2029 and 2035
1,119,476,000
Government savings bonds
17,757,500
Treasury bills
951,350,750
Tax refund certificates
63,350
Temporary borrowings
207,180,000
BAICO bonds
100,690,000
BOSS Plus I II and III
594,560,400
Special Loans Act facilities
1,426,049,988
BAMC liability taken over
575,250
Caribbean Development Bank
330,642,500
Inter American Development Bank
1,938,677,261
CAF
504,295,181
World Bank
436,299,292
IMF Extended Fund Facility
473,655,467
IMF Resilience and Sustainability Trust
390,437,786
Total central-government debt
14,916,239,137
Difference from reported total
0
Guarantees of BBD72.0m and arrears of BBD178.5m are separate. They bring Appendix C’s public-debt total to BBD15,166.7m, but do not enter this central-government ladder. S2 PDF pp 780–781.
06
What needs confirmation
These five claims remain exposed to review because their answers change the calendar or its meaning. They are retained from the signed-off brief.
1. The FY2028/29 remainder increases by BBD271.1m
We cannot yet match every bond repayment to a budget line.
Compare FY2022/23–FY2024/25 0116 actuals after netting buybacks, prepayments and scheduled changes. Trace the September 2023 H reissue on the financing side. Both tests require instrument detail; neither the aggregate nor narrative omission establishes treatment. Map BOSS Plus II cohorts and future financing assumptions.
2. The provisional strip cashflow model reflects remaining obligations
Some repayment dates still depend on assumptions that need checking.
Verify each B/C/D strip allocation after prepayments, the D payment-date discrepancy, and loan instalment amounts; keep unallocated stock visible.
3. BBD1,416.2m or 9.5% of December stock is classified within one year
Short-term debt does not tell us how much government must settle in cash.
Verify exact bill allotments and ways-and-means terms, legacy rolled-bill inclusion and the same-date IMF breakdown. This is not the complete cash-flow share or the cash repayment budget.
4. The 2029 residual continues on its original schedule
The December balance fits the old schedule; later payments still need verification.
Match trustee payment records after December 2025 and reconcile the BBD1.465m annual budget principal difference.
5. A usable current instrument dataset was not found
The balances are published in annual PDFs, but a maintained payment dataset was not found.
Find later instrument snapshots or a structured payment dataset; test the annual appendix updates without inferring intent from format.
Published, but difficult to keep current
Instrument balances and repayment detail appear in annual budget appendices on Parliament’s website. The finding concerns dated PDF publication that requires extraction and reconciliation. A maintained payment dataset was not located in the reviewed sources. Format alone does not establish a decision to withhold data. S2S19S22
Both annual appendices update balances alongside repeated contractual terms. BOSS Plus II’s description changes from a single June 2028 bullet to staggered payments. The latest instrument snapshot located in this review was dated December 2025.
07
Take the evidence with you
Reviewed edition v6.2 · research completed 4 October 2026. The repayment data are unchanged from the substantive sign-off; the final passes corrected citation placement and clarified labels and open questions. The source artifact filenames retain v6.
The ZIP contains the research JSON with unchanged repayment data, inventory and dated-flow CSVs, a data dictionary and reading notes. Principal only; budget, IMF, historical cash-flow and final-maturity views are not summed.
08
Sources and evidence conventions
R is reported evidence; C is a calculation; I is an inference. “Conditional” identifies a model that needs issuer confirmation. “Unavailable” means the reviewed material does not establish the amount or timing.
June 2025, paragraph 19, printed p 17, PDF p 20; BBD245m subscriptions to BBD250m 20-year debenture largely from NISSS, and to a lesser extent private pension funds; issue in FY2024/25