Monetary Board Approves $3.32 Billion Borrowings

For the period October to December 2023, the Monetary Board (MB) approved seven public sector medium-to-long-term (MLT) foreign borrowings totaling $3.32 billion.

These borrowings will fund various National Government projects, including infrastructure, general financing requirements, economic recovery and development, COVID-19 pandemic response, agriculture, and education.

This amount reflects a 65.80 percent increase compared to the $2.0 billion MLT foreign borrowings approved for the same period the previous year.

In the broader context, public sector foreign borrowings approved in 2023 amounted to $14.49 billion, comprising 24 MLT foreign borrowings, including bond issuances, project loans, and program loans.

This figure represents a 40.36 percent increase compared to the 2022 approvals of $10.32 billion.

These borrowings will fund various National Government projects, including infrastructure, general financing requirements, economic recovery and development, COVID-19 pandemic response, agriculture, and education.

The Monetary Board's approval is in line with constitutional requirements and aims to ensure the judicious use of resources while maintaining external debt sustainability.

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