Govt could stop further borrowing

Thursday, August 06, 2009

The government is debating with itself whether to raise another soft loan with the World Bank after sealing a US$1.5 billion (P10.1 billion) budget support loan with African Development Bank (AfDB).

"We don't want to end up over-borrowing," Assistant Minister of Finance, Keletso Rakhudu, said in response to Mmegi at a post-AfDB loan signing ceremony press conference on Tuesday.

The government said last April that it was in discussions with AfDB and the World Bank to raise close to P13 billion soft loans to cover this year's gaping P13.4 billion budget deficit.

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