Saharan Debt Negotiations. The country of Sahara is negotiating a new loan agreement with a consortium of international banks. Both sides have a tentative agreement on the principal-$220 million. But there are still wide differences of opinion on the final interest rate and maturity. The banks would like a shorter loan, four years in length, while Sahara would prefer a long maturity of six years. The banks also believe the interest rate will need to be 2249% per annum, but Sahara believes that is too high, arguing for 11.748%. Loan Principal Interest rate Maturity (years) Payments $220,000,000 12.249% 2 4