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Govt. should state how it will settle foreign debt services: Harsha

21 February 2021 07:21 pm - 24     - {{hitsCtrl.values.hits}}

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Highlighting that Sri Lanka’s foreign debt services which has to be settled as of J December this year had reached $6 billion, SJB MP Harsha de Silva today urged the government to state as to how it is going to settle them.

Dr. de Silva alleged during a press conference that an international sovereign bond issue which Sri Lanka went into in 2011 and another issue which the country went into in 2012 will mature this year while the government will have to make payments for the SWAP arrangements it has got into this year.

“The sovereign bond issue the government went into was at the rate of 6.25 per cent, while the rate for the sovereign bond issue in 2012 was 5.88 per cent. In addition, the government will have to settle what it had borrowed from the World Bank and Asian Development Bank while it has to make payments for the SWAP agreements it had got into with local state banks,” the MP said.

“Sri Lanka’s foreign reserves were $5.7 billion as of December 31 last year while the Central Bank had notified that the reserves stood at $4.8 billion as of February 1 this year.

In addition, a sum of $400 million borrowed has to be settled this year. Also, another 400 million has to be settled to the IMF. All these transactions had resulted in Sri Lanka’s foreign reserves going down less than $3 billion. One wonders as to how the remaining debt services that have to be settled this year is to be done,” he added.

“A Minister in the government has claimed that Sri Lanka will settle the debt services without a problem but how can it be in this situation,” he questioned.(Yohan Perera)

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  Comments - 24

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  • Dee Sunday, 21 February 2021 07:28 PM

    Saw some economic pundit stating on social media that SL only needs to pay 1.0 - 1.5 billion dollars per year and is in excellent repayment capacity or some cuckoo statement. Maybe he could be made finance minister

    roni Sunday, 21 February 2021 07:42 PM

    With no ports or air ports to mortgage, may have to look at railways stations/or the Central Bus Stand and the market place over there. Anyway this is the Govt's problem why are you worrying.

    Sam Silva Sunday, 21 February 2021 08:01 PM

    You analyzing the economy situation noted. However when your administration was in power and left with a big debt too. This is like playing musical chairs. Each side pointing fingers than resolving.

    Sam Silva Sunday, 21 February 2021 08:06 PM

    We depend too much foreign inflow from tourism, sending our people for cheap labor to other countries importing luxury items instead of focusing on exports and giving incentives who are doing it. Instead they are being victimized.

    Peacemaker Sunday, 21 February 2021 08:17 PM

    This is what happens when people elect an IT technician as president

    sach Sunday, 21 February 2021 10:18 PM

    From the reserves Yahapalana gov accumulated

    Sandy Sunday, 21 February 2021 11:19 PM

    By recovering money swindled by yahapalana .

    GGT Sunday, 21 February 2021 11:25 PM

    Do you know Harsha? the DEBT Sri Lanka fell after JR Jayawardena came to office were not settled up to now. The figures show more than you have mentioned above.

    Vadivelu Yogaratnam Monday, 22 February 2021 12:13 AM

    It will never be done by any party in power.

    Silva Monday, 22 February 2021 12:35 AM

    How to pay 5 Billion back??? Borrow 6 Billion from the Chinese, put one in the pocket and pay the 5 back. Like usual, why you are asking.

    Silva Monday, 22 February 2021 12:35 AM

    How to pay 5 Billion back??? Borrow 6 Billion from the Chinese, put one in the pocket and pay the 5 back. Like usual, why you are asking.

    Politico Monday, 22 February 2021 01:01 AM

    Sam Silva - Why did you borrow for unnecessary infrastructure projects ? Airports

    Shehan Moses Monday, 22 February 2021 01:15 AM

    Only sir if you had walked the talk when you were the State Minister of Economic Affairs few years ago, Sri Lanka would have been in a better financial position to face this global pandemic.

    Kathir Monday, 22 February 2021 01:28 AM

    IT technician or Military man without a real civil servants you can not save this country.All those well educated Civil servants under British rule all left the country ( Tamils,Burgers and Sinhalese) now we have only kudu yakkos only running the administration.

    Kathir Monday, 22 February 2021 01:30 AM

    We can still mortgage the airports and Tea estates to China who s now waiting for these two items and we can settle down at least half The debt.

    P Perera Monday, 22 February 2021 05:30 AM

    I like how I see alot of pundits comment as it was the fault of the yahapalana gov. Were you born after the barons ruled? The immense debt was creaded by the Raja government with white elephant monuments. Yes the Yahapalana are not the best either but open your eyes abit.

    ara Monday, 22 February 2021 06:25 AM

    refinance, that's how u do it, of course we might have to pay higher rates, don't mislead the public,

    Anura jayantha Monday, 22 February 2021 07:22 AM

    How did you guys explain the economy to people when you were in power? Stop being another useless party focussed politician. We have enough of them.

    Saranga W Monday, 22 February 2021 07:25 AM

    Abolish money printing central bank which is the main culprit here because politicians just like yours self abuse it.

    CNW PATHIRANA Monday, 22 February 2021 07:29 AM

    U dont have to worry. Basil

    Rohan Prasanna Monday, 22 February 2021 07:58 AM

    Currently we are in a dangerous financial bankruptcy situation due to many factors. One of the initial reasons is that every citizen in this country thinks government money is not my money so "I don't care".

    Sokrates Monday, 22 February 2021 08:43 AM

    Sell the Southern Province to China.

    Lion Monday, 22 February 2021 03:09 PM

    You all arguing while cabba the great says every thing is all right and debts will be settled on due time.

    Bernard Monday, 22 February 2021 07:57 PM

    Let them play the game for another 4 years with nepotism, corruption, kick -backs, extra-judicial activities in the name of people-friendly programmes and who cares about the foreign debt services?


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