PARLIAMENT ADOPTS THE REPORT ON THE PLANNING AND BUDGETING COMMITTEE ON THE 2024 ANNUAL BORROWING PLAN SECOND AMENDMENT

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PARLIAMENT ADOPTS THE REPORT ON THE PLANNING AND BUDGETING COMMITTEE ON THE 2024 ANNUAL BORROWING PLAN SECOND AMENDMENT



YESTERDAY, Parliament’s notice of motion was to adopt the report on Planning and Budgeting Committee on the 2024 Annual Borrowing Plan second amendment, for the fourth session of the thirteenth National Assembly laid on the table on Monday, 16th December, 2024.



The loan that was previously approved by Parliament on December 23, 2023, for the Government to borrow from the Africa Development Bank for 2024 expenditures has been amended to 108 million dollars instead of the original 150 million.



Secondly, the grace period  of the loan has been increased from 5 years to 8 years.

Thirdly, the payment period has been increased from 10 years to 25 years while the interest rate has been increased from 5% to 5.65%



The notice of the motion is a reflection of how the New Dawn Administration has raised the bar high where debt acquisition is concerned.


Members of Parliament have since adopted the report on Planning and Budgeting Committee for the 2024 Annual Borrowing Plan.

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