Sigh of relief for Lanka as US raise debt ceiling

18 October 2013 03:34 am - 14     - {{hitsCtrl.values.hits}}


The deal between US President and the Senate to increase the country’s debt ceiling has come as a sigh of relief for Sri Lanka which has invested an amount of its foreign reserves in US treasury bonds, a minister said yesterday.

The US government managed to avert a federal debt default by agreeing to increase the debt limit.  Economic Development Minister Basil Rajapaksa told the Daily Mirror that Sri Lanka closely observed the developments in the US since the Central Bank had invested in bonds of that country.

The Minister said had the debt crisis worsened, the US would not be able to pay for Sri Lanka’s investments in this regard.

“Therefore, the resolution of this problem in the US is a sigh of relief for us. We observed developments in the US closely during the last few days,” he said.  
The BBC said, in a news report posted on its website, that the US Congress passed a bill to reopen the government and raise the federal debt limit, with hours to spare before the nation risked default.

“The Democrat-controlled Senate passed the measure by 81 votes to 18 and the Republican-controlled House of Representatives by 285 votes to 144,” the BBC said in the same report.

However, details were not available about the amount of Sri Lanka’s reserves invested in US bonds.  The Central Bank is supervising such investments. (Kelum Bandara)

  Comments - 14

  • Prof. Calculas Friday, 18 October 2013 04:24 AM

    Joke of the day. What Sri Lanka has invested is US bonds are peanuts. The majority of the US bonds are held by US citizens and not China or Sri Lanka.

    Prof. Calculas Friday, 18 October 2013 04:25 AM

    Gallery talk for the pinheads in the south and the "so called patriots" down under.

    lumbini Friday, 18 October 2013 04:34 AM

    Sri Lanka's investment is just a drop in the ocean when looking at the $16.7 trillion US debt.

    Kaslana Friday, 18 October 2013 10:30 AM

    Question the guy what "ceiling" is and he may just look up! JOKERS of the century.

    Suq Madique Friday, 18 October 2013 04:58 AM

    Maybe peanuts for the US but coconuts for us.

    Duminda N Jayatileke Friday, 18 October 2013 05:22 AM

    How can a third world country like SL with such a low standard of living have investments overseas? Do u belive them at all?

    pri Friday, 18 October 2013 11:17 AM

    what about RATHUPASWALA...................but investment in US.....................ELA KATA

    hiruni Friday, 18 October 2013 11:26 AM


    John Friday, 18 October 2013 05:47 AM

    Why long as we have Cabraal's expertise....

    MrKasthuri Friday, 18 October 2013 06:09 AM

    Idiotic comments by BR. We think like Chinese think tanks.

    Aruna Friday, 18 October 2013 06:15 AM

    Basil, did you take your pills today. I think you forgot everything even your previous job at 7 Eleven USA

    Sam Friday, 18 October 2013 06:43 AM

    They are called foreign reserve investments. Every country does this with their foreign reserves in addition to storing gold. CBSL burnt their fingers once by investing in Greek government bonds when the Greek economy collapsed.

    ballo Friday, 18 October 2013 01:29 PM

    His personal investments he MEANT LOL

    Renu Friday, 18 October 2013 01:46 PM

    You were hospitalized two days ago, did you fear the US situatrion and your money in the US

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