Financial Daily from THE HINDU group of publications
Tuesday, Mar 12, 2002
Financial Daily from THE HINDU group of publications Tuesday, Mar 12, 2002 |
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Industry & Economy
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Economy Rs 2-cr debt relief grant from Japan Our Bureau
NEW DELHI, March 11 THE Government of Japan has agreed to extend to the Government of India a debt relief grant of 60.530 yen (approximately equivalent to Rs 2.2 crore). The agreement between the two Governments was formalised by the Ambassador of Japan, Mr Hiroshi Hirbayashi, and Mr C.M. Vasudev, Secretary, Department of Economic Affairs, Ministry of Finance on Monday. The debt relief scheme was introduced in compliance with Resolution 165 (debt relief measures) adopted at the 9th special meeting of the Trade and Development Board of UNCTAD, held in March 1978, with the objective of mitigating the problem of debt accumulation faced by developing countries. Not being project-tied, the debt relief grant allows considerable flexibility to the Government of India to utilise it for procuring essential commodities or equipment from abroad.
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