Gov't in talks for $600m debt from int'l lenders

Economic backbone: Major road and rail projects are among those approved for NDP 11
Economic backbone: Major road and rail projects are among those approved for NDP 11

The Ministry of Finance and Economic Development is in talks with international lenders for a $600 million (P6.7 billion) loan intended to finance and support projects under NDP 11, with plans to tap into the funds before the end of the year.

A Request for Financing Proposal (RFP), which was sent to international commercial banks has reportedly elicited interest and talks are ongoing, BusinessWeek has learnt.

“Any firm proposals for borrowing will be presented to Parliament for approval as per the Public Finance Management Act,” Finance and Economic Development minister, Peggy Serame told BusinessWeek.

Editor's Comment
Get back what was stolen, and lock the door

That a single private law firm pocketed P6.5 million for just four cases, out of a total P11.1 million paid for 25 matters, reeks of a system that was not merely disorganised but open to abuse.Bayford has taken a welcome first step by telling the Public Accounts Committee the truth. Now he must act decisively to ensure it never happens again and that any money lost to wrongdoing is recovered.The figures are staggering. Whilst ordinary Batswana...

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