Sri Lanka re-building reserves as predicted with IMF allocation, China loan – Minister Cabraal

ECONOMYNEXT – Sri Lanka is beginning to rebuild depleted reserves run down the previous month following a bond payment, State Minister for Money and Capital Markets, Nivard Cabraal said last week.

International Monetary Fund has allocated 554 million Special Drawing Rights which converts to about 799 million US dollars at current rates, he said.

“The inflows that we predicted are coming one by one,” Cabraal said. “The China Development Bank 300 million dollars has come. The IMF 780 million has come.”

From the Bangladesh swap 50 million US dollars was expected shortly.

“Several discussions regarding non-debt forex inflows are continuing,” he said.

There was another ‘government to government’ forex loan under discussion, he said without giving details.

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