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Chandra Babu Reason For Financial Mess Says AP Finance Minister: The State Bank of India has been raising concerns about the debts of new state Andhra Pradesh, the finance minister Buggana Rajendranath along with YSRCP leaders slammed TDP and Chandra Babu for the financial mess in the state. Rajendranath said that it would take some time to clear all the hurdles and for the smooth functioning. Rajendranath said that the previous government left huge debts and they borrowed loans from various corporations. They cleared the dues of their favored contractors said Rajendranath.
Rajendranath interacted with the media regarding the SBI's letter about the loan taken by Andhra Pradesh Power Finance Corporation (APPFC). Rajendranath said that he has no knowledge of how the letter got leaked out. The SBI, in its letter dated September 30, questioned the veracity of the guarantees offered by the state government for Rs 3,000 crore term loan for APPFC. The outstanding debts of Andhra Pradesh rose from Rs 9665 crores in 2017 to Rs 35,964 crores in 2018. This was the damage done by Chandra Babu said Rajendranath. He said that huge amounts were paid to contractors and government schemes were kept pending.