The Philippines secured more foreign loans to fund its pandemic response. Photo by Michael Varcas, The Philippine Star
The Philippines has secured $18.4 billion in foreign loans so far to fund its fight against the coronavirus disease 2019 (COVID-19) pandemic, the Finance department said.
“As of April 28, 2021, nakautang po tayo ng a (we have secured loans) total of around $18.4 billion from external sources,” Undersecretary Mark Dennis Y.C. Joven said in a Laging Handa briefing on Friday.
Pressed for details, Mr. Joven said the government’s coffers were boosted by the recent issuance of the yen- and euro-denominated bonds.
The Bureau of the Treasury last week raised P122.4 billion (€2.1 billion) from its euro-denominated bonds that have tenors of four, 12 and 20 years.
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Two triple-A rated supranational borrowers scored big in the Australasian bond markets on Wednesday with the Asian Infrastructure Investment Bank selling its first Kangaroo trade and the World Bank bringing the joint biggest ever SSA Kauri bond – equalling the record it set last year.
Govt plans ambitious aid use target
Aims to spend $10.35b in FY22
The government plans to set an ambitious target of using foreign aid worth Tk 88,024 crore for development projects in the next fiscal year as external assistance has piled up.
The amount is equivalent to $10.35 billion and up 39.72 per cent from the annual development programme (ADP) in the outgoing fiscal year.
Development partners have also indicated that they would inject more funds to help Bangladesh recover from the pandemic-induced slowdown quickly.
The total size of the ADP may be fixed at Tk 225,124 crore in the next fiscal year of 2021-22, up from the revised ADP of Tk 197,643 crore.