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Minister Vasant Bharath on $2b bond issue: Govt has liabilities to contractors, wages
It is not unusal for the Government to float a $2 billion bond issue, said Vasant Bharath, Minister in the Ministry of Finance and Trade Minister. He said the Government is justified in floating the bond since there are government liabilities. “There are several government liabilities that are outstanding - there are liabilites to contractors, there are liabilities with regard to wages, there are lots of outstanding liabilities. It is the reason why we currently have a deficit, simply because revenues are not matched by expenditure. That’s a sequence that has been going on now for several years. Last year the deficit was about $7.5 billion.
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