The commitment fees that it is expected to pay its lenders are likely to be 2 percent of the total borrowing or more.

The trend, in recent years, has been away from a system of strict, item by item controls to broad limitations upon total borrowing.

The IMF currently has a a total borrowing capacity of about $590bn, and the Fund's lending commitments are at a record $250bn.

The loan will add about 3.5 percent to Sears's current total borrowings of $22.6 billion in short- and long-term loans.

The reason, he said, is that the Government's total borrowing will bump up against the ceiling for just one day, April 7.

These are two steps in the right direction, but with total borrowings of about £300 million there is more to be done.

Even with all the fiscal measures of the last several years, total borrowing in the American economy has failed to grow for the last 2 years.

That is the first two year period since the Second World War when total borrowing in the U.S. economy has not increased.

Last summer Congress authorized total borrowing of $50 billion to pay for the savings and loan cleanup.

At the end of the year the Group had total borrowings of £570 million, a low figure for a Group of our size and profitability.