Foreign debt repayment exceeds receipts in July

The government repaid nearly three times more in foreign loans than it received in July, mainly due to lower loan disbursements.

According to data from the Economic Relations Division (ERD), the government repaid $453 million in principal and interest on foreign loans in July, compared with $446 million in the same month last year.

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Meanwhile, it received $180 million in foreign loans in the seventh month of the year, down from $208 million in the same month the previous year.

Fresh loan disbursements also fell a massive 83 percent year-on-year to $14 million in July. Of the total disbursement, the Asian Development Bank provided $65 million, the World Bank $47 million, Japan $39 million and India $27 million.