The Tripura Government weighed down with a huge debt burden of Rs 11,000 crore and a proportionate interest payment liability, has decided to draw a loan of Rs 200 crore.
The loans will be drawn from NABARD, LIC, HUDCO and other semi-financial institutions so that the interest liability resulting from it remains manageable.
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Tripura education minister Ratan Lal Nath said that the state cabinet has assigned the state government to borrow Rs 200 crore to meet the required amount of funds necessary for carrying out developmental works.
Nath said that the former government announced 231 projects under 21 departments amounting to Rs 1,332.67 crore without making provisions for the necessary fund, reports The Assam Tribune.
Nath said that the total amount of pending bills of 21 departments of the state government including the PWD amounts to Rs 1,497 crore.
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The Left Front had launched many projects during their rule which could have been taken up later and that too
without making provisions for the required funds.
This irresponsible attitude of the Left Front government has resulted in a heavy burden on the state Exchequer.
Nath said that the pending works of the previous government would be completed by the present government and for this reason they need a loan of Rs 200 crore.
He also stated that the NITI Aayog will also be approached for another amount of Rs 358 crore.
Nath further said the State Government requires a sum of Rs 421.01 crore to make payments to contractors and if the payments are not cleared immediately, the projects would get stalled soon.