Matambo updates Parly on Botswana debts

Kaelo Kebotse | Wednesday June 20, 2018 14:59

 

Matambo was responding to a question from the Selebi-Phikwe West MP Dithapelo Keorapetse in Parliament yesterday.

Keorapetse had asked for the names of international financial institutions including regional one owed and how much each institution is owed, including the original loan amount, interest charged, outstanding balance to be paid and the terms of payment. He also wanted to know the purpose for which each loan was acquired and update on progress of the same.

The nine institutions owed are the African Development Fund, African Development Bank, Arab Bank for Economic Development in Africa, European Investment Bank, International Bank for Reconstruction and Development, International Development Association, Nordic Investment Bank, Organization of the Petroleum Exporting Countries and the International Fund for Agricultural Development, he said.

Giving an update on the amount, which each institution is owed, he said that the ADF is owed 12 loans with the amount of P978.49 million and that the charge is 0.75%, 10 years grace period, 40 years repayment and are paid annually.

Second institution owed was the ADB with the original loan amount P16.67 billion with which the loans were subjected to six months interest plus 40%, three years grace period and 15 years repayment period.

Matambo said Botswana owes ABEDA three loans with the original amount of P266.92 million, three percent interest, five years grace period, 15 years repayment period and with P169.86 million outstanding balance paid semi-annually.

He also mentioned the EIB is owed four loans with the original amount adding to P107.24 million, 0.75% interest, 10 years grace period and 30 years repayment period with the outstanding balance being P41.15 million paid semi-annually.

The Minister gave all the updates on the other loans and gave also reasons for which the loans were being asked for.

He mentioned that the first loan Botswana took with the ADB was for the Pandamatenga Agricultural Infrastructure Development Project which is still ongoing and that the loan maturing on February 1, 2025. He said the other reasons for all the nine loans together with their maturing dates and the progress.