Sri Lanka's highest foreign debt repayment of USD 4 billion due in 2019


The Ministry of Finance says Sri Lanka's total debt stock has increased by 233% to Rs. 7.391 trillion during the period from 2005 to 2014. According to a statement released by the Finance Ministry, the total debt burden of Sri Lanka in 2005 was Rs. 2.222 trillion and, within 5 years, it increased up to Rs. 4.590 trillion in 2010. In addition there is another Rs. 2 trillion debt obtained by the Public owned Enterprises directly off the balance sheet. Accordingly, the debt servicing (loan installments and the interest) to be paid by Sri Lanka to foreign financiers is also increasing constantly. The debt servicing of USD 1.828 billion paid in 2016 will be increased by more than double to USD 3.992 billion being the highest debt repayment to be paid by Sri Lanka in a year due to colossal borrowings by the previous government. This could be considered as the highest sum of debt servicing to be repaid by Independent Sri Lanka within a year. ...........Members Log in or Subscribe to Read more------------

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