Ruchika M Khanna

Tribune News Service

Chandigarh, March 21

Having inherited a debt of Rs1.78 lakh crore from the previous Akali-BJP government, CM Capt Amarinder Singh, his Chief Principal Secretary Suresh Kumar and Finance Minister Manpreet Singh Badal will be meeting the Prime Minister Narendra Modi tomorrow, requesting him for restructuring its debt burden.The state will seek the intervention of the PMO for swapping 28 per cent of the state’s debt (Rs35,000 crore) with a low- cost option and urge him to reconsider the settlement of the legacy of food credit loan of Rs31,000 crore.Sources say the government wants the Centre to reconsider its approval, granted earlier this month for giving post facto assent to Punjab to avail a term loan of Rs30,000 crore to settle the food credit account.This loan had been taken by the state in November 2016, and the first instalment of interest, worth Rs810 crore was paid by Punjab in January this year, while the second instalment is due in April.The principal amount on this count is just Rs12,500 crore, but the interest on delay in settlement of loan has gone up to Rs18,500 crore. It is to settle this account that the state had to take a term loan of Rs30,000 crore. The repayment of this loan is to be made by floating bonds worth Rs31,000 crore.