RP seeks debt rescheduling<\/p>\n
MANILA (AFP): The Philippines said yesterday it has sought a
\nrescheduling of US$299 million in official debts owed to the
\nParis Club of lender nations which fall due this year and next to
\ncover a financing shortfall.<\/p>\n
Officials said Manila has decided to exclude previously
\nscheduled debt totaling $759 million from the new negotiations,
\nexpected to begin in two weeks' time.<\/p>\n
The Finance Department said Finance Secretary Roberto de
\nOcampo and Central Bank Governor Gabriel Singson wrote to
\nChristian Noyer, the French chairman of the Paris Club, after
\nManila secured International Monetary Fund (IMF) approval for its
\neconomic program last month.<\/p>\n
\"We would like to request the favorable consideration of our
\nbilateral creditors under the Paris Club for another round of
\nrescheduling of our official debts under the most concessional
\nterms possible,\" they said in the letter, released to the press
\nyesterday.<\/p>\n
The letter said that despite a \"comfortable level of reserves
\nat over three months of imports of goods and services,\" Manila
\nneeded to reschedule official bilateral debt maturing between
\nJuly 1994 and end-1995 to take care of its \"residual financing
\nneed of $488 million\" for the same period.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/rp-seeks-debt-rescheduling-1447893297",
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"sponsor": "Okusi Associates",
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