Gov't to extend debt exchange programme

The Government is to extend the National Debt Exchange (NDX) programme by a week to give more bondholders time to take up the offer.

The Ministry of Finance says the debt exchange has so far received support by more than 97 per cent of bondholders.

Head of the Debt Management Unit, Pamela McLaren, says the ministry is in discussions with the remaining three per cent to get them on board.

However, she expressed optimism that the Government will received full participation.

The successful implementation of the new debt-exchange programme is a critical factor in the Government's quest to ink a deal with the IMF.

In the absence of the NDX, the Government would have had to pay out today $119.2 billion to bondholders, which represents $89.2 billion for principal on maturing bonds and $30 billion in interest payment.

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