P.M. BRIEFING : Nations Reschedule Philippine Debt
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MANILA — The world’s leading creditor nations have agreed to reschedule $2.2 billion of the Philippines’ official $28-billion debt over a 10-year period, giving the country more breathing space, Finance Secretary Vicente Jayme said today.
The accord with the Paris Club nations came a week after the International Monetary Fund approved a $1.17-billion loan to Manila on the condition that it move to curb public spending and speed up the sale of state-owned firms.
Under the agreement signed in Paris, the repayment period for $2.2 billion of official Philippine debt due between June, 1989, and June, 1992, was stretched over 10 years, Jayme said.
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