The external debt outstanding on Government account against foreign loans as on March 31, 1998 was Rs 1,61,428 crore, Sinha said in a written reply to a question in the House. Internal debt and other liabilities of the Government at the end of March 1998 were Rs 7,18,299 crore, he added.

In 1997-98, the interest payment on external debt amounted to Rs 4,150 crore and interest payment on internal debt and other liabilities was Rs 61,550 crore.

The increase in liabilities was due to recurring fiscal deficits, the Finance Minister said. ``The Government would endeavour to contain the fiscal deficit in 1998-99 at Rs 91,025 crore by maximising receipts and controlling expenditure,'' Sinha informed the House.

Funds raised from non-resident Indians through Resurgent India Bonds (RIBs) willbe deployed for infrastructure projects, government securities and meeting Cash Reserve Ratio requirements of the Reserve Bank of India, the Finance Minister said in a separate reply.