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Last Updated : 2024-06-02 13:35:00
5 February 2024 09:29 pm - 36 - {{hitsCtrl.values.hits}}
Feb 5 (Business Times) - Sri Lanka expects to attract about US$5 billion in foreign funds in the next two years once it is able to finalise the restructuring of its overseas debt, the country’s foreign minister said on Monday (Feb 5).
The nation defaulted on its overseas debt in May, 2022 after a severe shortage of foreign exchange reserves triggered the worst financial crisis since independence from Britain in 1948.
Sri Lanka has since made progress on about US$11 billion of bilateral debt restructuring and hopes to have agreements in place with all key creditors, including bondholders, by May at the latest, Foreign Minister Ali Sabry told Reuters.
It will then focus on kick-starting major infrastructure projects suspended during the crisis, including a highway, an expansion of the main airport near Colombo and a US$2 billion light railway project with Japan.
“We are looking at, within the next 12 to 24 months, somewhere in the region of about US$5 billion worth of foreign currency infusion into the country in terms of projects and also from the sale of some state-owned enterprises,” Sabry said in an interview.
Sri Lanka’s private creditors account for about US$16 billion of debt, including international sovereign bonds, Sabry said.
Jude Monday, 05 February 2024 10:19 PM
Keep dreaming sabry!!!
Pantha Kumaran Monday, 05 February 2024 10:57 PM
Ali Sabry is talking utter nonsence. He is aiming for the next power. Sabry is a very dangerous man. Be carful of him
ACA Monday, 05 February 2024 10:59 PM
Are you mad? Dreaming, there is a queue of people and organisation waiting to bring their money to this country, manage by corrupts.
Tissa Fernando Monday, 05 February 2024 11:28 PM
USD 5 billion for Ranil and clan to enjoy luxury life for the next 6 to 9 months.
Jude Monday, 05 February 2024 11:43 PM
Whom are you trying to fool Sabry!!?? It's like me saying am gonna win the lottery next year!! Huh!!
Pantha Kumaran Tuesday, 06 February 2024 12:48 AM
Ali Sabry, you are anti Tamils. You hate Tamils. Do you really believe foreign investors are willing to invest in a corrupt country.You are a real jokker.
Lionel Tuesday, 06 February 2024 01:33 AM
This is the biggest joke. A country who has refused to pay its creditors and is struggling to restructure its debts, now saying it will get more money from them again. Who on earth will give money to SL?
Soothsayer Tuesday, 06 February 2024 01:56 AM
These fools want to live from loan to loan- unfortunately they have no idea how to steer the country from its inevitable doom.
DullAss Potatoperuma Tuesday, 06 February 2024 02:10 AM
Keep on dreaming.
Sivalingam Tuesday, 06 February 2024 02:11 AM
You can't fool the people all the time.
ERAN Wicks Tuesday, 06 February 2024 02:16 AM
Pacha Sabri will say anything for money.
Nodaking kalakani Tuesday, 06 February 2024 02:34 AM
You and the other criminal politicians in your party will be long gone by then, we the people pray.
Rise up Sri Lanka Tuesday, 06 February 2024 02:37 AM
No country will give any form of aid as long as the country is run by murderers and despots. The citizens can't wait for the election to see you lot locked up.
Kick the scum out Tuesday, 06 February 2024 02:39 AM
Did the defacto UN delegate your son negotiate the deal? What is his commission?
Kps Tuesday, 06 February 2024 03:06 AM
When did Ali- Sabry became a Finance ministry Spokesperson
Voter Tuesday, 06 February 2024 03:28 AM
Within the next 12 months you’ll be history..
Jude Tuesday, 06 February 2024 04:00 AM
SL gonna restructure the debt forever!! Coz SL government still borrowing at an alarming rate, we're heading for another bankruptcy soon!!!
muthu fernando Tuesday, 06 February 2024 05:27 AM
RW said the same thing when he came to be appointed as prez. we are still waiting. its all rubbish.
Ali Sabri Tuesday, 06 February 2024 05:45 AM
In the region of 5 billion, could be 0 or could be 100 billion. Your guess is good as mine.
DOT Tuesday, 06 February 2024 05:51 AM
Hon. FM, Please come to ground level and feel the real pulses. (P. S. Don't forget ti to wear a sutable helmet)
Robin Banks Tuesday, 06 February 2024 05:52 AM
Mr. Sabri, donor countries look at human rights violations and corruption before giving aid, and this government is one of the worst bad on both counts, therefore, the best option is get rid of this oppressive government and get the NPP in, and most countries would be happy to invest in Sri Lanka.
Nodaking kalakani Tuesday, 06 February 2024 05:55 AM
Can't the "defacto UN delegate" Ali Sabri jr. organise some aid for our bankrupted country?
Punchi Tuesday, 06 February 2024 06:05 AM
Our foreign minister plans, our overseas aid, grant, donor givers don’t fall in line and disposes
Dan Tuesday, 06 February 2024 07:10 AM
They couldn't restructure the foreign loans for the past two years. Trying to do it in the next two years. After the elections. Brilliant....
Jude Tuesday, 06 February 2024 07:14 AM
Hey Sabry, stick to your daytime job!!
Pusa Tuesday, 06 February 2024 07:37 AM
LOL
Bernard Jayatilake Tuesday, 06 February 2024 07:37 AM
The country will not be fully debt-free until we settle the loans and accumulated interests in full to be able or to qualify to get grants to start mega projects and to portray a cosmotic optimistic picture during election year is naive to say the least.
Sambo Tuesday, 06 February 2024 08:33 AM
Can you kindly tell us who the finance minister is because we have so many taking the center stage when it come to making statements.
VJ Tuesday, 06 February 2024 10:19 AM
Did you mean we will reach agreements with our debtors to delay our payments. We will incur additional interest for the delay? Why would foreigners invest when they know we don’t honor our obligations?
Ara Tuesday, 06 February 2024 11:57 AM
More debt to have fun, and then increase taxes on the ordinary,
ST ELN Tuesday, 06 February 2024 01:00 PM
Are you crazy???? Wts the point of acquiring more debts?? We can still expand our economy through service sector by allocating existing resources. *If you still think me need more debts; which means that money is not for the betterment of the country. It's for "Politician's deep pockets".
Mahamed Appan Tuesday, 06 February 2024 03:07 PM
How many billions for Pin Gon 225! How man y millions for Pin travel? People are struggling! Walalla!
azad Tuesday, 06 February 2024 03:58 PM
anything to be happy/proud about? are these your so called achievements?
Aquarius Tuesday, 06 February 2024 04:49 PM
Going around with the begging bowl and making the poor pay through their noses on everyday commodities and enforcing crazy tax rates to settle these loans is not the solution. People are not fools anymore and they have a better idea of your borrowing culture. Your time is almost up!
Sam Tuesday, 06 February 2024 05:00 PM
What has Ranil and his government done?? No reforms yet. Only petrol and gas is given to the Colombo people doyou call this reform. 1. Sri lankan should be privatised- the routes should only be leased to the buyer, the government (People of Sri Lanka) should be owner of these routes which we have from Air Ceylon time. 2. Bank of Ceylon- 20% government owned. 31% Public no one or Company could own more than 1000 shares Collectively. The rest 49% give to three or four foreign banks. 3. People's Bank- as above. 4. Saving Bank. 5. EPF
Buddhist Tuesday, 06 February 2024 06:21 PM
What has Ranil achieved to date? Nothing other than borrowing more!
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