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SL’s foreign reserves drop to US$ 1.5 billion: Minister
Whilst stating that Sri Lanka’s foreign reserves have dropped to approximately US $ 1.5 billion ($ 1587 million), State Minister of Finance Shehan Semasinghe today said there are certain groups engaged in drug trafficking and arms rackets who are out to destabilize the country both politically and financially.
Responding to a question raised by MP Anura Kumara Dissanayake in the House on an earlier date, the State Minister said these groups are determined to destabilize the nation both in and out of Parliament.
“Sri Lanka’s foreign reserves stood at US$ 8.6 billion by end 2014 while it had dropped down to US$ 7.6 billion by the end of 2019. This has resulted in the increase of foreign debt services. Sri Lanka’s foreign debts was 42.4% of total debt services in 2014 while it had risen to 46.4% by end 2019. However the aim of our government is to limit total foreign debt service to 40% of the total debt services,” the State Minister said.
He said the government had to utilize the foreign reserves for the containment of COVID-19 pandemic. Accordingly he revealed that Sri Lanka had spent a sum of Rs. 221 billion for the pandemic related expenses this year. We have managed to provide both jabs to 76.2% of the population. This is higher than the global standards as only 55.3% of the global population, which are fully vaccinated at the moment.
“Sri Lanka is to go for a billion dollar currency SWAP with the Central Bank of Qatar and another US$ 400 million with India. In addition local commercial banks have been encouraged to go for a US$ 500 million currency exchange programme. In addition Sri Lanka is expected to earn a total export earnings of US$ 13 billion by the end of the year. Finance Minister Basil Rajapaksa had managed to get into agreements with India for the purchase of essential goods and to purchase fuel. In addition the government hopes to securitize US$500 million foreign remittance,” the State Minister revealed.
“We hope these activities are going to be effective solutions to the current crisis and seek the support of the opposition as well. The opposition are welcome to come up with their proposals on this,” he said.(Yohan Perera and Ajith Siriwardana)
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