Litia Cava 
[File Photo]
Government debt is set to increase to $11.8 billion after Cabinet approved $464.7 million in financing from the Asian Development Bank.
Debt stood at $11.3 billion as of July 31, this year.
The new financing includes a $443.7 million loan and $22.2 million in disaster financing.
The loan will support government reforms, including digital systems, tax cooperation and access to finance.
The disaster funding will provide money following major disasters or energy and food price shocks.
Both facilities carry an annual interest rate of one percent and must be repaid over 30 years, including a 10-year grace period.
The government will also be able to defer loan payments for up to 24 months after an eligible emergency and declaration of a state of disaster.
The financing will also support disaster risk management and efforts to strengthen economic and climate resilience.
