A council has had to borrow £7 million for two weeks to help ease cashflow issues.
Trafford Council confirmed it had to source the funds as a routine borrowing exercise and highlighted that it was not as a direct result of the COVID-19 outbreak.
The sum, with an interest rate of 2.5 per cent, was taken out on Wednesday March 25 2020 and will have to be fully repayed with interest on Wednesday April 8 2020.
It is understood the cost of the borrowing will be met from within the authority's existing budget.
The council explained this is "routine" borrowing which forms a part of their treasury management strategy.
In total, on April 8, the council will have to pay back £7,175,000 including interest.
As part of its borrowing and lending strategy in the last five years, the authority has borrowed and will have to pay back up to £80 million in the next ten years.
A spokesperson for Trafford Council said: “At this stage the council has not been required to undertake any temporary borrowing as a direct consequence of COVID-19.
“The council did undertake temporary borrowings of £7 million at an interest rate of 2.5 per cent on March 25 2020 and repayable on April 8 2020 but this was mainly in respect of general cash-flow and therefore the cost will be met from the council’s general budget.”
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