Gov"t Receives 700 Million Dollars from ADBThe government announced on December 31 that it received 700 million dollars from the Asia Development Bank.
The government contracted with the ADB to borrow four billion dollars at the end of 1997. Including this money, the government has thus far received 3.7 billion dollars and the remaining 300 million dollars will be taken in December 1999.
The first two billion dollars were withdrawn on December 24, 1997 and a further billion dollars was received on January 5, 1998. The interest rate for all the money borrowed from ADB is Libor plus 0.4 percent and it will be repaid after seven years.
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