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Govt. decides to raise US$1600 mn issuing Development Bonds

3 January 2019 07:44 am - 4     - {{hitsCtrl.values.hits}}

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The government has decided to raise US$1600 million by issuing Sri Lanka Development Bonds through State banks for debt servicing, Daily Mirror learns.

The Cabinet of Ministers discussed this yesterday at their regular meeting with President Maithripala Sirisena in the chair. According to sources from the Cabinet, the Central Bank has been instructed to proceed with this move.

However, it is reported that Power and Energy Minister Ravi Karunanayake is reported to have protested the move at yesterday’s Cabinet meeting. The sources said Mr. Karunanayake raised an objection on the basis that it will affect the liquidity of the State banks such as the National Savings Bank.

Sri Lanka’s external component increased to the US $ 53487.28 million by the second half of last year. A foreign loan component will reach maturity in January and another in March. (Kelum Bandara)

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  Comments - 4

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  • Sunil Thursday, 03 January 2019 09:36 AM

    This is going to be another scam for sure.

    ihatepoliticians Thursday, 03 January 2019 10:14 AM

    Borrowing money endlessly to bribe voters and kicking all the problems down the road for someone else to deal with. Unfortunately we are running out of road...

    tommy Thursday, 03 January 2019 05:14 PM

    A couple of our state banks are already downgraded by international money lenders due to low liquidity. So borrowing from them won't make much of a difference.

    Rohan Thursday, 03 January 2019 05:28 PM

    This is like you are taking a bank loan to pay your credit card debt.


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