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Dhaka Tribune

Bangladesh’s nine-month debt payment up by 48% in FY24

Some $1.5 billion was paid as principal amount and the rest $1.05 billion as interest

Update : 22 Apr 2024, 06:38 PM

Bangladesh’s debt payment in the first nine months of the current FY24 stood at $2.5 billion, recording a surge of 48.6% over the same period of FY 23.

Of the payment in the first nine months of the current FY24, some $1.5 billion was paid as principal amount and the rest $1.05 billion as interest.

The overall amount was $1.7 billion between July and March of FY23, according to the monthly debt update released by the Economic Relation Division on Sunday.

The quick growth in debt payment has been attributed to maturity of many short term borrowings taken for development projects at high interest rates.

The high growth in debt payment has come against the backdrop of the dollar shortage persisting since April 2022.

To overcome the shortage of dollars, the government has already borrowed $1.1 billion under a $4.7 billion program until May 2026.

The ERD update also showed that the country borrowed $5.6 billion in the first nine months of the current FY24 from a commitment of $7.2 billion.

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