Friday, December 19, 2003
Govt plan to prepay $1.3 ADB debt gets delayed Reuters New Delhi, December 19
India's plans to prepay $1.3 billion of external debt have been delayed by negotiations over the premium for early payment but would be paid before end of March, a Finance Ministry official said on Friday.
"It is around $1.3 billion. But negotiations are still going on with the Asian Development Bank regarding reduction of the premium to be paid. We will do it before March-end," the official told Reuters.
India had planned to make the early repayment by December.
India has been paying off its external debt ahead of schedule to save interest costs and utilise its record foreign exchange reserves.
© Hindustan Times Ltd. 2003.