Net borrowings up 44% to Rs. 392 b; interest cost up 1.4%

Wednesday, 3 July 2013 00:01 - - {{hitsCtrl.values.hits}}

Net borrowings by the Government in the first five months of 2013, had swelled by Rs. 120 billion or 44% to Rs. 392 billion in comparison to the corresponding period of last year. The borrowing has also surpassed the targeted amount by Rs. 43.5 billion. According to the Finance Ministry, the Government debt operations resulted in a total gross borrowing of Rs. 646 billion during the first five months of 2013. The repayments of Government debt, both domestic and foreign, amounted to Rs. 254 billion while the net borrowing amounted to Rs. 392 billion during this period. The Ministry also said interest payments on foreign and domestic debt amounted to Rs. 176.1 billion, with a 1.4% increase over the corresponding period of last year. “During this period, domestic interest rates declined and exchange rates remained relatively stable in comparison to the comparable period of last year,” it added.

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