BSP-approved foreign loans increased 69% in 1 Q1

Banco Central NG Polypinas (BSP) has approved সরকার 4.8 billion in external debt from the government in the first three months of 2022 to bankroll its coronavirus epidemic response and infrastructure projects.

That’s 69% more than the অনুমোদ 2.84 billion approved in the same period in 2021, the BSP said in a statement on Wednesday.

In the quarter, authorized debt increased by 60% from the $ 3 billion approved in the fourth quarter of 2021.

The BSP said the approved loans include the issuance of $ 2.25 billion in bonds as well as three project loans totaling $ 2.55 billion.

ভা 2.25 billion of broken, approved loans will be used for general financing of the national government, while $ 2.08 billion will finance transportation.

Meanwhile, $ 300 million will be allocated for Coronavirus Disease 2019 (COVID-19) epidemic response and $ 175.1 million will be allocated for infrastructure projects.

Under the 1987 Constitution, the Monetary Board is required to approve any foreign loan agreement granted by the National Government.

“The BSP encourages prudent use of resources and ensures that external borrowing requirements are manageable to support the sustainability of external debt,” it said.

By the end of 2021, the country’s foreign debt had hit a record $ 106,421 as the government continued to increase its debt despite the epidemic. – LWTN