17 Apr 2023 - {{hitsCtrl.values.hits}}
Sri Lanka will emerge with its highest ever foreign currency reserve buffer when it comes out of the four-year economic stabilisation package with the International Monetary Fund (IMF) entered in March, according to First Capital Research which took a closer dive into the investor presentation the Sri Lankan officials made to the country’s creditors a fortnight ago.
Accordingly, Sri Lanka is aiming to achieve a gross official reserve of Rs.14.0 billion, the highest ever reserve buffer the country will have in four years.
Sri Lanka has suspended repaying billions of dollars of foreign currency loans and is negotiating with both its bilateral and commercial creditors for debt relief for up to 10 years.
By the end of March, Sri Lanka’s external reserves stood at US$ 2,691 million, including the US$ 1.4 billion equivalent swap facility from China, which has conditions on its usability.
First Capital further said the contemplated debt treatment will enable the country to reach the debt sustainability targets in the IMF framework, which has its debt stock target at 95 percent of GDP by 2032.
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