| The government will take $2.2 billion loans this year from Islamic Development Bank at a lower interest rate to finance the increasing imports of fuel. Of the amount, the new loan is $1.345 billion with an interest rate of 4.65 percent, while $855 million is a rollover loan with 5 percent interest. The loans will have to be paid back in nine months.
The decision to take the loans was approved last week at a meeting of the hard-term loan committee of the government, with Finance Minister AMA Muhith in the chair...............................................Full Article: Source
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