A document on the foreign aid situation pre- pared by the economic relations division of Bangladesh's finance ministry has stated that the country is gradually getting bogged in the quicksands of an increasing debt crisis. The current external debts amount to a staggering US $16 billion. The magnitude of the problem, though, has not been felt yet as most of the debt is owed to multilateral creditors. Incidentally, it is the public sector which is largely behind the debt obligation, with the share of the private sector borrowings being insignificant.
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