ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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equipment. That the country's balance of payments position is still fragile needs no special emphasis. A steadily growing export base is yet to be established, while imports of POL products are certain to continue to gallop. The sharp slowing down of non-POL imports, which is responsible for the current comfortable foreign exchange reserves position, is the result of the recessionary conditions in industry. On the other hand, the rise in the proportion of commercial borrowings in the country's debt profile is bound to enlarge the annual debt servicing burden. The debt redemption commitment is estimated at $12.5 bn in 1995-96 and$14.5

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