Mizoram borrows Rs 1,955 crore to overcome financial crisis
AIZAWL: The Mizoram government headed by Chief Minister Lalduhoma has borrowed Rs 1,955.19 crore from the Reserve Bank of India (RBI) to tide over the financial crunch being faced by the state, officials said.
Officials said that the state government has borrowed Rs. 793.7 crore under Ways and Means Advance between December 2023 and March this year.
Mizoram also borrowed Rs. 691 crore from the open market between December last year till July this year, except in April, while Rs. 470.49 crore was borrowed under a Standing Deposit Facility (SDF) from January till July except in the months of April, May and June, they said.
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Officials said that loans are also availed from the National Bank for Agriculture and Rural Development (NABARD), under Externally Aided Project (EAP) and Special Assistance to States for Capital Investment (SASCI).
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Mizoram has been facing serious financial problems and the new Zoram People's Movement (ZPM) government declared 2024-25 fiscal as a year of consolidation to tide over the financial crunch.
Austerity measures are also being implemented by the government.
Although the current outstanding debt is not possible to be calculated, the state's outstanding debt as of 31 March 2024 was Rs 12,709.29 crore, officials said.