ZAGREB/TOKYO, June 23 (Hina) - Croatian Finance Minister Mato Crkvenac is on a visit to Japan, where he is trying to sell state bonds with the help of Deputy Prime Minister Slavko Linic. Japanese financiers have been sold as much as
US$350 million worth of state bonds under exceptionally favourable terms - a seven year deadline and an interest rate of only three percent annually, Croatian Television reported on Friday. "Until now, we have paid interest rates of seven or even 12 percent on state bonds, both on the Japanese and European markets. However, the most important thing is that the new loan will help us settle old commitments which were undertaken under much less favourable terms," Crkvenac said. He added the bonds would "help bridge time gaps between the influx of revenues and spending, and serve mostly for settling old credit commitments." "This month we are settling major commitments toward the Par
ZAGREB/TOKYO, June 23 (Hina) - Croatian Finance Minister Mato
Crkvenac is on a visit to Japan, where he is trying to sell state
bonds with the help of Deputy Prime Minister Slavko Linic.
Japanese financiers have been sold as much as US$350 million worth
of state bonds under exceptionally favourable terms - a seven year
deadline and an interest rate of only three percent annually,
Croatian Television reported on Friday.
"Until now, we have paid interest rates of seven or even 12 percent
on state bonds, both on the Japanese and European markets. However,
the most important thing is that the new loan will help us settle old
commitments which were undertaken under much less favourable
terms," Crkvenac said.
He added the bonds would "help bridge time gaps between the influx
of revenues and spending, and serve mostly for settling old credit
commitments." "This month we are settling major commitments toward
the Paris and London Clubs according to previous state
commitments," Crkvenac said.
Given that Japan is interested not only in Croatia's state bonds but
also in more concrete forms of investment into the Croatian
economy, Crkvenac said, "the other important task that has been
carried out is the presentation of Croatia's economic policy and
its economic potential to Japanese corporations."
"This, too, was very successful and above all expectations,"
Crkvenac said.
The main trade partners, the United States and Europe, are
stimulating the Japanese government to reduce surpluses in foreign
trade by increasing imports, and this is where an opportunity for
Croatia is believed to lie.
(hina) rml