Sri Lanka settles 1 bn USD bond repayment

COLOMBO (News1st): The government has settled a debt repayment amounting to 1 Billion US Dollars. This was revealed at the cabinet media briefing held this morning. "In a pandemic stricken world, where the entire economies have collapsed and communities are suffering, this is a testament to our tactful cashflow management," co-cabinet spokesperson minister Keheliya Rambukwella said. He added that the bond was settled without causing an impact on Sri Lanka's foreign reserves, by managing the country's cashflows intelligently. "At one point, foreign reserves had depleted to 1.2 Billion USD. But, we were able to handle a war, manage our cashflows and retain our foreign reserves," Rambukwella noted. Meanwhile, State Minister of Money and Capital Market Ajith Nivard Cabraal has told EconomyNext that Sri Lanka’s forex reserve fall after a July sovereign bond payment will be temporary and will be boosted later with other inflows, including investments into under-utilized government properties. According to State Minister Cabraal, properties such as the General Post Office, the Grand Orient Hotel and Narahenpita Tractor Corporation land had caught the attention of investors. He added, the projects had the potential to bring around 700 million to 1,000 million dollars. Also speaking to EconomyNext President's Secretary Dr. P.B.Jayasundara has said, Sri Lanka is in a balancing act with international powers to attract more investment.