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Alternative sources of funding tapped to repay foreign debts


The government has tapped alternative sources of funding, with USD 732 million required to repay foreign debts and debt services in the first quarter of this year.

The Cabinet on Tuesday approved a proposal entitled "Alternative Sources of Funding" submitted by the Acting Minister of Finance Eran Wickremeratne for funds up to USD 300 million, through the Foreign Currency Banking Units of Peoples Bank and Bank of Ceylon or Offshore Banking Units , on the basis that it was advantageous to release Sri Lanka Development Bonds, with a relatively high cost and maturing this year.

According to the Memorandum, it has been estimated that a sum of USD 732 million was needed in the first quarter of 2018, for refunding foreign debts and debt services.


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