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India prepays 
13.5 billion loan to Canada
Monday, 02 February 2004, 20:30 IST
NEW DELHI: Buoyed by a surging economy and foreign exchange reserves of over $100 billion, India has prepaid outstanding loans from the Canadian government worth 
13.5 billion (Canadian $420 million).
The 13.5 billion constituted a total of 42 official development assistance (ODA) loans provided by the Canadian government, an official statement said Thursday.
"With this prepayment, India has discharged all outstanding ODA loans provided to India by the Canadian government. The government had taken a decision in 2003 to advance payment of all outstanding loans from certain bilateral partners including Canada," the finance ministry statement said.
In a letter to Finance Minister Jaswant Singh, Canadian Minister for International Cooperation M. Aileen Carroll has congratulated the Indian government on this decision.
"Both the amount of the pre-payment and the accelerated schedule are unprecedented in the history of Canadian development assistance," ," Carroll said in her letter.
"Your decision to pre-pay a wide range of development assistance loans to Canada and to a number of other donors underlines the capacity of the Indian economy and the financial stewardship being exercised."
For long a seeker of assistance, India is today prepaying part of its debts even as it extends assistance to other countries.
So far, India has prepaid $3 billion of external loans, of which $1.4 billion has been during fiscal 2002-03.
Source: IANS
13.5 billion (Canadian $420 million).
The 13.5 billion constituted a total of 42 official development assistance (ODA) loans provided by the Canadian government, an official statement said Thursday.
"With this prepayment, India has discharged all outstanding ODA loans provided to India by the Canadian government. The government had taken a decision in 2003 to advance payment of all outstanding loans from certain bilateral partners including Canada," the finance ministry statement said.
In a letter to Finance Minister Jaswant Singh, Canadian Minister for International Cooperation M. Aileen Carroll has congratulated the Indian government on this decision.
"Both the amount of the pre-payment and the accelerated schedule are unprecedented in the history of Canadian development assistance," ," Carroll said in her letter.
"Your decision to pre-pay a wide range of development assistance loans to Canada and to a number of other donors underlines the capacity of the Indian economy and the financial stewardship being exercised."
For long a seeker of assistance, India is today prepaying part of its debts even as it extends assistance to other countries.
So far, India has prepaid $3 billion of external loans, of which $1.4 billion has been during fiscal 2002-03.
Source: IANS