Govt borrows ₵4bil for January 2016 alone

quist

February 2, 2016 5:51 PM

Figures available to Pulse Business have revealed that the the ministry of Finance has borrowed in excess of ₵4.63 billion in January 2016 alone.

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On January 8 2016 the Ministry of Finance held 1467 tenders to February 1, 2016.

Government raised ₵1,761.47 million (or ₵1.76 billion) through Tender 1467 while Tender 1468 yielded ₵1,021.31 million (or ₵1.02 billion) and Tender 1469 raised ₵963.82 million. Tender 1470 produced ₵887.79 million.

Statutory payments $3.8 billion statutory debts settled

The Ministry of Finance projected to raise ₵2,100 million was scheduled to be collected via the 91-day T-bill, with ₵1,700 million planned to be received from the 182-day T-bill.

Also, some ₵120 million was billed to be contracted via the 1-Year Note, ₵300 million from the 2-Year Note, and ₵500 million from the 3-Year bond while a yet-to-be specified amount was to be borrowed from the 5-Year Fixed Rate Bond.

Government incurred local and international criticism in 2015, for borrowing about ₵50 billion through its Issuance Calendar for its securities, with the aim of refinancing maturing debt.

Government borrowing targets for 2016 is in excess of ₵30.47 billion for the first half from the issuance of bonds, notes and Treasury bills.

According to its borrowing calendar for the first half of this year - the Medium Term Debt Strategy (MDTS) - forecast maturities would make up ₵27,779.00 million of the amount to be borrowed while net issuance would total ₵2,951.00 million.

quist