Country’s foreign reserves expected to surpass over USD 4 bn by end of this year: PMD

20 December 2023 08:24 pm Views - {{hitsCtrl.values.hits}} 19 Bookmark

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Colombo, Dec.20 (Daily Mirror)- The gross official reserves in the country are expected to surpass over USD 4 billion by the end of this year with the USD 780 million notable inflows of foreign exchange to the Government, the President's Media Division (PMD) said.

The PMD said Sri Lanka received a second tranche of US dollars 337 million from the IMF, US dollars 200 million from the ADB for various programmes and US dollars 250 million from the World Bank in December 2023.

"These disbursements, totalling US dollars 787 million, aim to strengthen budget support and enhance the country's external buffers," the PMD said.

Comments - 19

Mohamed J. Hussain Wednesday, 20 December 2023 08:49 PM

Very proud to have soared up reserve with more loans. Modern economics of Sri Lanka.

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Patcitz Wednesday, 20 December 2023 11:31 PM

We would have kept better reserve hadn't the US PLOT been applied during His Excellency Gotabaya Rajapaksa's regime in place.

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Political Leach Thursday, 21 December 2023 01:21 AM

Great. Most of this was perhaps earned by exporting working maids and men overseas. Once a upon a time the educated men and women of this country were sought out by the world i.e. the brains now we have reached a pathetic state of exporting brawn. So much for the systematic stripping of the resources of this country by the political leaches.

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m Perera Thursday, 21 December 2023 01:52 AM

How is this even positive. Borrowing money to increase FX reserves.

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Ram Thursday, 21 December 2023 03:36 AM

Foreign reserves increases with borrowed money. Is it a thing to be proud of? We are not increasing the foreign reserves with export of our produce and apparel. That is at a stand still. Our labour exports is the best that is bringing us Forex.

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lion Thursday, 21 December 2023 04:32 AM

It is like boasting of some body's rising wealth while the occupants in his house are fighting to have one square meal a day.

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Rajapaksa supporter Thursday, 21 December 2023 07:56 AM

What about over US$50.0 billion deposited in foreign banks by Rajapaksas?

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Citizen k Thursday, 21 December 2023 07:56 AM

Expecting and achieving are two different things.

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Gamaya Thursday, 21 December 2023 09:09 AM

Surpass 4BD in 10 days time. As I understand this amount is the total with most Loans taken??

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Sokrates Thursday, 21 December 2023 09:22 AM

So far nothing has changed in Sri Lanka's bankrupt situation, on the contrary. The mountain of debt is growing and no debts are being repaid. The economic situation is also deteriorating every day. 50% of the population now lives below the poverty line. The prices are not falling as promised, but are also constantly rising. The fact that there are now fuel and LPG is pure window dressing to reassure the population. The money to buy fuel and LPG was taken from the budget for medical supplies and other important imports. Ranil, you are a faker who only seems to change the situation for the better. You have completely failed.

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DPerera Thursday, 21 December 2023 09:58 AM

Most of the people commenting here have forgotten that 2 years ago country's foreign exchange reserves were below zero and foreign countries even not selling food, fuel etc to the bankrupt country

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SLEx Thursday, 21 December 2023 10:22 AM

I have less hope everyday for our people. They forget things so fast. They also have no idea how the world works. Financial literacy is nil. Their Financial education is from dumb politicians talking nonsense on the media and making unrealistic promises.

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VJ Thursday, 21 December 2023 11:00 AM

We can call it reserves only when our debts are zero. We can rephrase it to say that we can now pay $4 billion of our debts before the end of this year.

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SLEx Friday, 22 December 2023 03:38 PM

Every country in the world has debt. Literally. What you say makes no sense whatsoever.

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Jude Thursday, 21 December 2023 11:27 AM

But not enough forex to pay for imports!!

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NV Jen Thursday, 21 December 2023 03:41 PM

Borrowing to bridge the trade deficit and to carry out mostly white elephant projects had been the hallmark of Sri Lankan economy for many decades which is not sustainable. Though we have learnt this hard lesson in 2022, if there is no course correction in near future, we will be like Argentina declaring bankruptcy umpteen times.

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Mohan Thursday, 21 December 2023 06:40 PM

Does this include the 1.5 billion currency swap with china?

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Sithinam kalangotam Friday, 22 December 2023 03:43 AM

Bambuwa! People are struggling to live! This man is joking and crying to get votes - Wait Balusinha Wait! We are not like you!!

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Ravana Friday, 22 December 2023 12:49 PM

Great. More for them to come back and spend. And we get to pay it all again. What a life. We are to be renamed as peasants, that's what we are

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