Ap Govt To Swap High Cost Debt

It is not the corporates alone that are trying to take advantage of declining interest rate regime through debt swaps. The Andhra Pradesh government has also resorted to it by swapping its debt to the extent of Rs 3,696 crore so far this year. It is planning to swap another Rs 800 crore by the month-end.

Disclosing this, while presenting the Annual Budget 2003-04 in the assembly yesterday, Y Ramakrishnudu, the state finance minister, said that the process would continue next year too.

Since 53 per cent of the total outstanding debt, which is expeted to go upto Rs 57,141 crore by the end of the next fiscal as compared to Rs 49,817 crore this year, is owed to the central government, the state government is actively pursuing with the centre to permit debt-swapping.