DOF Secures $ 17 Billion Foreign Loan for Budget Support, Projects in 2020

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Metro Manila (CNN Philippines, February 7th) – The Treasury had a total of € 17.06 billion in 2020.

About its International Finance Group, the DOF said it last year received $ 7.73 billion from multilateral lenders, $ 2.86 billion from the country’s bilateral partners, and $ 6.47 billion from commercial markets could get.

Of the € 17.06 billion in loans taken out in 2020

“Due to a higher emergency financing requirement with regard to COVID-19, the amount of external financing concluded in 2020 increased by 75.43 percent compared to the previous year. This also corresponds to a total of 33 percent expansion of the debt financing program from 2016 to 2020, “said Finance Usec. Mark Dennis Joven in a statement.

Aside from loans, DOF’s IFG also processed grants and technical assistance totaling $ 859.53 million last year. Of that amount, $ 26.74 million was allocated to responding to the Covid-19 pandemic.

“In 2020 IFG also made it possible to provide various donations such as test kits, masks, personal protective equipment (PPE), ventilators, face protection and others from China,” said Joven.

In addition, the DOF aims to secure foreign loans of $ 23.71 billion for 2021. Of this, $ 8.06 billion will be allocated to budget support and $ 15.65 billion will be spent on other government projects.

“We plan to raise a total of $ 7.67 billion in loans and grants from multilateral institutions, $ 10.54 billion from our bilateral partners and $ 5.5 billion from commercial markets this year “said Joven.

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