India To Pay ADB, IBRD Loans Ahead Of Schedule

New Delhi, January 27: | Updated: Jan 28 2003, 05:30am hrs
India has decided to repay prematurely two loans amounting to $2.8 billion taken from the Asian Development Bank and the International Bank for Reconstruction and Development. According to a finance ministry official, the premature repayments will be financed entirely through domestic market borrowings. The swapping of fixed rate foreign currency debt with fixed rate rupee debt will result in savings of Rs 60 crore towards interest payment. The Centre will prepay the loans of $1,254 mn and $1,549 mn in the current fiscal through the foreign exchange reserves of the country.