TNT Insider Staff | January 31, 2010 | Finance
Govt. floats $600 million bond
The Government kicked off its borrowing this year by issuing a $600 million bond on Thursday.
This bond is to help meet the deficit in recurrent expenditure (estimated at $7.7 billion) and, therefore, one can expect more Government borrowing in fiscal 2010.
The bond auction will close on Friday. This bond will mature in 2025 at a rate of 6.5 per cent per annum.
At the end of the last fiscal year, the gross public debt stock which includes borrowing by central government, statutory authorities and state enterprises amounted to $62.7 billion with the domestic component of this debt being $34.1 billion.
Debt to Gross Domestic Production (GDP) amounted o 40.9 per cent. The country’s annual GDP is over $150 billion.
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