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The central bank's annual report for 2022 reveals that interest payments have reached their highest level. This increase in interest payments suggests a significant debt burden on the government. The ratio of interest payments to total government revenue has surged from 35% in 2015 to a striking 78% in 2022.
Notably, there was a substantial rise in interest payments between 2019 and 2020, with payments escalating from 47% to 71% mainly due to a substantial fall in government revenue as a result of tax cuts in late 2019 and early 2020. This increase in interest payments suggests a significant debt burden on the government.
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