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The Investor Sentiment - Equity and investments forum for Sri Lankans

The Lankan Investor Forum - A more respectable and reasonable place for members to discuss matters regarding the CSEThe Lankan Investor Forum - A more respectable and reasonable place for members to discuss matters regarding the CSE

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» CCS.N0000 ( Ceylon Cold Stores)
Sri Lanka to get $1.5-bln IMF loan to avert balance of payments woes EmptyWed Mar 20, 2024 11:31 am by Hawk Eye

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Sri Lanka to get $1.5-bln IMF loan to avert balance of payments woes EmptyWed Apr 19, 2023 6:41 am by කිත්සිරි ද සිල්වා

» Dividend Announcements
Sri Lanka to get $1.5-bln IMF loan to avert balance of payments woes EmptyWed Apr 12, 2023 5:41 pm by කිත්සිරි ද සිල්වා

» MAINTENANCE NOTICE / නඩත්තු දැනුම්දීම
Sri Lanka to get $1.5-bln IMF loan to avert balance of payments woes EmptyThu Apr 06, 2023 3:18 pm by කිත්සිරි ද සිල්වා

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Sri Lanka to get $1.5-bln IMF loan to avert balance of payments woes EmptySun Apr 02, 2023 7:28 am by කිත්සිරි ද සිල්වා

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Sri Lanka to get $1.5-bln IMF loan to avert balance of payments woes EmptyThu Mar 30, 2023 9:25 am by yellow knife

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Sri Lanka to get $1.5-bln IMF loan to avert balance of payments woes EmptyMon Mar 27, 2023 5:51 pm by කිත්සිරි ද සිල්වා

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Sri Lanka to get $1.5-bln IMF loan to avert balance of payments woes EmptyMon Mar 20, 2023 5:10 pm by කිත්සිරි ද සිල්වා

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Sri Lanka to get $1.5-bln IMF loan to avert balance of payments woes EmptySun Mar 12, 2023 4:46 pm by කිත්සිරි ද සිල්වා

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» NTB.N0000 (Nations Trust Bank PLC)
Sri Lanka to get $1.5-bln IMF loan to avert balance of payments woes EmptySun Mar 05, 2023 7:24 am by කිත්සිරි ද සිල්වා

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Sri Lanka to get $1.5-bln IMF loan to avert balance of payments woes EmptySat Mar 04, 2023 10:47 am by කිත්සිරි ද සිල්වා

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» SAMP.N0000 (Sampath Bank PLC)
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3 posters

    Sri Lanka to get $1.5-bln IMF loan to avert balance of payments woes

    First Guy
    First Guy


    Posts : 2599
    Join date : 2014-02-22

    Sri Lanka to get $1.5-bln IMF loan to avert balance of payments woes Empty Sri Lanka to get $1.5-bln IMF loan to avert balance of payments woes

    Post by First Guy Mon Mar 07, 2016 9:51 pm

    COLOMBO, March 7 (Reuters) - Sri Lanka will receive a loan of $1.5 billion from the International Monetary Fund (IMF) to boost foreign exchange reserves and avert a balance of payments problem, a government minister said on Monday.

    Sri Lanka's finances are under scrutiny after ratings agency Fitch last week downgraded its sovereign rating by a notch, to "B+", spurred by a ballooning fiscal deficit, rising foreign debt and sluggish growth prospects.

    The government was originally looking for a loan of $2 billion from the global lender, said junior finance minister Lakshman Yapa Abeywardena.

    "But now we will get about $1.5 billion in a number of disbursements," Abeywardena told Reuters. "This is to boost foreign exchange reserves."

    The loan conditions, such as revising taxes to increase the government revenue, have yet to be finalised, however, he added.

    Talks with the IMF are due to begin this month, but could drag on, as both sides have to agree on the conditions tied to the assistance programme.

    "We continue to believe that negotiations will be slowed by the government's unwillingness to accept unpopular IMF conditionalities," Sasha Riser-Kositsky, Eurasia Group's South Asia analyst, said in a note.

    There would be no flexibility on reducing the fiscal deficit, said a source at the global lender who has knowledge of Sri Lanka's loan discussions, but who declined to be identified in the absence of authorisation to speak to the media.

    Sri Lanka's reserves have fallen by a third, to $6.3 billion by January, from their October 2014 peak, mainly because of outflows of $1.3 billion in government bonds since January 2015.

    Last week, Finance Minister Ravi Karunanayake said an IMF programme by which the government commits itself to taking steps to fix its finances would help lure back investors.

    "What we are trying to do is to get minimum cover from the IMF," he said. "It is important for investor confidence."

    The IMF gave Sri Lanka a $2.6-billion bailout package in 2009, when it faced a balance-of-payments crisis soon after the end of a 26-year war.

    The IMF has long urged the government to cut the fiscal deficit, estimated to have shot up to 7.2 percent of GDP last year, as well as add tax payers and spruce up the tax system.

    Central bank Governor Arjuna Mahendran told Reuters last week an IMF loan could help drive down the cost of borrowing for the government to between 6 percent and 7 percent from 8.5 percent, as investors would interpret it as a vote of confidence in the $79-billion economy.

    The island nation's total outstanding debt rose 12 percent to 8.27 trillion rupees in the first nine months of 2015, while foreign debt increased around 5 percent to 3.27 trillion.

    The government has promised farmers tax cuts and subsidies, to help consolidate its position since taking office last year.

    http://www.economynext.com/Sri_Lanka_to_get_$1.5_bln_IMF_loan_to_avert_balance_of_payments_woes-3-4435-1.html
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    Future123
    Active Member
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    Sri Lanka to get $1.5-bln IMF loan to avert balance of payments woes Empty Re: Sri Lanka to get $1.5-bln IMF loan to avert balance of payments woes

    Post by Future123 Mon Mar 07, 2016 11:20 pm

    Any idea how the outstanding debts rose by 12% in the first nine months of 2015? This is the period of new government. Not much development was happening and it looks like no repayment of loans also happening but total debt keep on increasing.


    First Guy wrote:COLOMBO, March 7 (Reuters) -

    The island nation's total outstanding debt rose 12 percent to 8.27 trillion rupees in the first nine months of 2015, while foreign debt increased around 5 percent to 3.27 trillion.

    http://www.economynext.com/Sri_Lanka_to_get_$1.5_bln_IMF_loan_to_avert_balance_of_payments_woes-3-4435-1.html
    Hybrid
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    Sri Lanka to get $1.5-bln IMF loan to avert balance of payments woes Empty Re: Sri Lanka to get $1.5-bln IMF loan to avert balance of payments woes

    Post by Hybrid Tue Mar 08, 2016 5:50 am

    Slow death for all of LK citizens. Crying or Very sad

    We must take the acid test and take a big hit once for all time or else the actions of the YP will go unreported and unaccounted for. : Embarassed

    Hopefully, we may not end up like Venuzuella or Brazi. affraid




      Current date/time is Mon Jun 17, 2024 6:37 pm