Although the government borrowed $69 billion more than it planned to during the period April to August of this fiscal year, it plans to borrow another $10 billion on Friday in order to help fund its $1.44 trillion budget.
During that period of time the government borrowed $160.8 billion when the plan was to borrow only $91.2 billion due to the massive $31 billion shortfall in revenues and grants and the $21 billion shortfall in tax revenues.
On Friday, the government will be seeking to raise $7.5 billion at a rate of interest of 9.62% per annum until the year 2046 and another $2.5 billion at a rate of interest of 9.62% per annum until the year 2031.
The minimum subscription or the minimum amount which can be purchased is $1,000 and the interest on both notes will be paid every six months.
comments powered by Disqus
All feeds
