Sri Lanka assures will not default in repaying foreign debt

By Easwaran Rutnam

Sri Lanka today assured it will not default in repaying foreign debt next year.

Finance Minister Basil Rajapaksa told reporters today that Sri Lanka needs to repay USD 500 million early next year and another USD 1000 million in June.

Rajapaksa said the Government will not default on the payments and will meet its commitments.

He also said the Government hopes to have its own foreign reserves and not loans.

The Minister said that most of the foreign reserves are now loans. (Colombo Gazette)

4 COMMENTS

  1. Minister Basil Rajapaksa does not explain how he plans to have foreign reserves other than getting loans? He does not have a finance or economics degree, so he has no idea. He is hoping for a miracle by appointing Buddhist monks as university chancellors :—)))

  2. The money will be lent to the government by Basil. USD $500 million is chicken feed compared to what the Rajapaksa’s have stolen from the country.

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