The letter also noted that new contracts entered into before December 31, 2021, should either use a reference rate other than LIBOR or have robust fallback language that includes a clearly defined alternative reference rate after LIBOR’s discontinuation. Recently, a number of institutions have asked what would qualify as “new” use of LIBOR after 2021.
At the same time, starting from the analysis of planned capital projects in road, railway, energy and utility infrastructure in the next ten years and their direct and indirect effects on other parts of the economy, we revised the medium-term economic growth projection – from 4% to the range of 4– 5%.