Gross official foreign reserves to exceed US$ 4bn by end of 2023

Sri Lanka’s gross official foreign reserves are expected to exceed US$ 4 billion by the end of this year, the President’s Media Division (PMD) said on Wednesday, citing Finance Ministry information.

Sri Lanka received US$ 337 million from the International Monetary Fund as the second tranche of the Extended Fund Facility this month. Also, the government received US$ 200 million from the Asian Development Bank this month and the World Bank on Wednesday announced the release of US$ 250 million as budget support.
“These disbursements, totalling US$ 787 million, aim to provide budget support and the country’s external buffers,” the PMD said.

“The gross official reserves are expected to surpass US$ 4 billion by the end of 2023, higher than what was anticipated,” it added.

Sri Lanka’s gross foreign reserves stood at about US$ 3.5 billion, including the proceeds from the People’s Bank of China’s swap equivalent to around US$ 1.3 billion, which is subject to conditionalities on usability.