Sri Lanka falls into massive Rs. 3 trillion debt abyss – Sunday Times

Sri Lanka is in a dilemma of tackling massive public debt restructuring in the next three months with an unprecedented debt load of Rs.3.05 trillion for 2020, surpassing the earlier estimate of Rs.2 trillion, Sunday Times Newspaper reported.

In light of urgent and unforeseen requirements arising from the COVID-19 pandemic, the increase in debt stock to over Rs.3 trillion compared to Rs.1.3 trillion in 2019 is unavoidable, a senior Treasury official told the Newspaper.

With about half that amount of debt made up of foreign repayments, the Finance Ministry is working out plans to meet payments and raise money attracting foreign inflows for rupee bonds with forex caps without relying much on International Sovereign bonds, he added. (Sunday Times)

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