Sri+Lanka+pays+1+billion+US+Dollars%2C++the+largest++loan+instalment++in+Sri+Lanka%E2%80%99s+history
Tuesday, 15 January 2019 - 9:28
Sri Lanka pays 1 billion US Dollars, the largest loan instalment in Sri Lanka’s history
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The Central Bank stated that One billion US dollars out of the highest loan repayment instalment in Sri Lanka’s history, has been settled.

Repayment was made possible as a consequence of the maturity of the five-year Euro Bond issued in 2014.

Reuters reported that the settlement was paid off entirely, from its reserves, after three state-run banks failed to raise funds from foreign sources.

A record 5.9 billion Dollars is due this year, with 2.6 billion being due in the first three months of the year.

Officials said a plan to raise funds through state banks for full repayment fell through because of poor investor appetite for further Sri Lankan debt.

The country’s foreign reserves stood at just 6.9 billion Dollars at the end of 2018, down from 7.9 billion in October.

The outflow of 1 billion US Dollars from the reserves is expected to be replenished with a combination of swaps, term loans and international sovereign bonds.
    

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