The Minority, at a press conference, had sought to create the impression that the NPP government had borrowed funds
in excess of S80 billion since the party assumed office in January 2017.
While some argue the borrowed funds
are channelled towards development spending on projects expected to eventually pay off by sparking faster economic growth, there has not been an increase in public debt to GDP resulting in increased GDP growth.
'We want a situation in which borrowed funds
are quickly used to execute projects that have the capacity to generate income.
The main investment resources in transport and warehousing were the businesses' own funds (34 percent of the total investment portfolio of the industry), borrowed funds
(28.8 percent) and the national budget (18.6 percent).
Mallya, who is wanted in India in a bank fraud case, also claimed that he provided all the detailed statements on the utilisation of all borrowed funds
to the CBI.
"Development spending is decreasing significantly yet borrowing has increased substantially, raising concerns that borrowed funds
could be used to fund recurrent expenditure," PBO has said in a report to MPs.
Interest expense on borrowed funds
increased $366,000 for the fourth quarter of 2017 due to an increase in the average cost of borrowed funds
to 1.33% in the fourth quarter of 2017 from 54 basis points in the fourth quarter of 2016, as well as an increase of $23.1 million in the average balance of borrowed funds
for the fourth quarter of 2017.
The company said the borrowed funds
will provide added financial flexibility and facilitate execution of its corporate strategy.
In case of repo, banks keep G-secs equal to their borrowed funds
with the RBI.
The borrowed funds
have been returned by the companies.
The service said that at the same time the borrowed funds
fell by 51 billion KZT (6.3 percent).