Focus

Sri Lanka's domestic debt will not be restructured: Central bank governor

29 Apr 2022 01:04pm
A labourer sleeps on a handcart in front of closed shops in Colombo on April 28, 2022, following a one-day general strike called by trade unions in support of calls for President Gotabaya Rajapaksa to resign over the worsening economic crisis. - AFP
A labourer sleeps on a handcart in front of closed shops in Colombo on April 28, 2022, following a one-day general strike called by trade unions in support of calls for President Gotabaya Rajapaksa to resign over the worsening economic crisis. - AFP

COLOMBO - Domestic debt in the form of government securities and development bonds will not be restructured as restructuring external debt is a top priority for Sri Lanka, reported Xinhua, quoting the central bank governor on Thursday.

Addressing a meeting of the Committee of the Ceylon Chamber of Commerce, central bank governor Nandalal Weerasinghe also provided an update on the progress made during the recent discussions with the International Monetary Fund (IMF) and World Bank.

He said progress has been made towards establishing a macro-fiscal policy framework and initiating structural reforms.

The central bank governor also expressed confidence that a staff-level agreement with the IMF is likely to be reached within the next two months.

Weerasinghe announced that additional measures will be implemented to address urgent economic concerns.

The measures include introducing regulations to encourage the US dollar flows currently transacting in the informal market to be channeled through the formal banking system.

As a result of policy measures already introduced by the central bank and the government, he is of the view that expenditure on imports will be declining further to more sustainable levels.

Sri Lanka is going through an economic crisis brought about by foreign currency shortages and it halted external debt repayment on April 12. - BERNAMA

Related Articles:

Sri Lanka
governor
Bank
IMF
More Like This
Donald Trump's transition team is pushing to pull the United States out of the WHO on the first day of the new administration, according to experts who warn of the "catastrophic" impact it would have on global health, the Financial Times reported. - Photo: XINHUA
Donald Trump's transition team is pushing to pull the United States out of the WHO on the first day of the new administration, according to experts who warn of the "catastrophic" impact it would have on global health, the Financial Times reported. - Photo: XINHUA
World US withdrawal from WHO would be 'catastrophic' - Expert
Members of Trump's team told experts of their intention to announce withdrawal from the global health body on the president-elect's Jan 20 inauguration, noting that the departure would remove WHO's biggest source of funds, damaging its ability to respond to public health crises such...
Photo: X/@SZakzakyOffice
Photo: X/@SZakzakyOffice
World Mass pre-Christmas food crushes 67 lives in Nigeria
The death toll from a crush in Okija in the southeastern state of Anambra had risen to 22 from a previously reported 13.
No Image Caption
World US egg prices soar to yearly high amid bird flu, holiday demand
National wholesale prices for large eggs reached 4.07 U.S. dollars per dozen on Friday, marking a dramatic increase from 1.1 dollars early this year, according to data from the US Department of Agriculture.
Photo for illustration purpose only. - Illustrated via Canva
Photo for illustration purpose only. - Illustrated via Canva
World 234 new species discovered in the Greater Makong region
With many of the species already under threat of extinction from human activities, WWF is calling on governments in the region to increase conservation of these rare, amazing creatures and their habitats.