Government borrowings sourced from foreign lenders and approved by the Monetary Board settled at $13.1 billion in 2021, a 26-percent drop from the $17.7 billion green lighted in 2020. | RonWDomingoINQ /PDI
Another $5.9 billion was earmarked for the government’s general financing needs while $400 million was intended for “other infrastructure projects.”
In 2020, foreign borrowings ballooned by 83 percent from the prepandemic level of $9.7 billion in 2019 as the government scrambled to address the initial brunt of COVID-19 and shore up the economy crippled by the public health crisis. Fourth-quarter borrowings were 28-percent lower than the $4.2 billion approved in the same period of 2020.
The latest inflows include $1.1 billion from the World Bank, $1 billion from the Asian Development Bank , $285 million from the Agence Française de Développement and $100 million from the Export-Import Bank of Korea-Economic Development Cooperation Fund.
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