Wednesday, March 31, 2004
India emerges top recipient of Japanese loans
Press Trust of India Tokyo, March 30
India was the top recipient of Japan's official yen loan amounting to Rs 52.05 billion during the fiscal 2003, the government said on Tuesday. Although the loan was 12 per cent less from the previous year, it is for the first time that India became the top beneficiary of Japan's low-interest, yen-dominated official loans, a media report said today.
Indonesia was the second-largest recipient with Rs 43.53 billion.
However, the amount of debt to China, which had been receiving the highest amount of loan for the past four years, decreased by 20 per cent to around Rs 40.24 billion during this fiscal, Japanese news agency Kyodo reported. The loans will be extended in the next fiscal 2003-04, a cabinet meeting decided on Tuesday.
© Hindustan Times Ltd. 2004.