August 20, 2019
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    Sri Lanka settles US$ 1 bn ISB

    January 16, 2019

    Sri Lanka has maintained the unblemished record of paying debts on time by re-paying the 2014 International Sovereign Bond (ISB) issuance of US$ 1 billion onetime twitted Finance and Mass media Minister Mangala Samaraweera yesterday.

    Despite the disruptions of the 51 day coup the government had maintained the unblemished record of paying debts on time by re-paying the 2014 ISB issuance of US$ 1 billion on schedule the message said. Sri Lanka will build up its external reserves through swaps; term loans from friendly countries, ISBs and credit lines.

    Meanwhile in a twitter message yesterday, Minister of Economic Reforms, Dr Harsha De Silva said the Government has paid the USD1 billion borrowed by the Mahinda Rajapaksa government at a 6% interest rate via an International Sovereign Bond.

    “Today we paid it back. Unlike what we are used to, these ISBs have to be paid back in one go. We have a lot more such debt to be repaid,’ he twitted. Dr De Silva is a part of a delegation currently in US for discussions with the IMF.

    Earlier, Central Bank Governor Indrajit Coomaraswami had indicated that Sri Lanka would repay a $1 billion five-year sovereign bond due on Monday (14) entirely from its reserves, after three of its state-run banks failed to raise funds from foreign sources.

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