Repayment of US $ 1 billion due of ISB was completed through payment agents yesterday (26) and the relevant official documents will be exchanged today, Ajith Nivard Cabraal, State Minister for Money and Capital Markets told Lankasara. With this payment, Sri Lanka’s foreign exchange reserves will fall to US $ 3 billion, but the country will be able to increase to US $ 7 billion in the next three months, he said.
According to the Minister, Sri Lanka is to receive US $ 2.65 billion in the pipeline in the next three months. Some of these funds are to come on the basis of the swap financial relief program that has already been established with several countries.
Minister Ajith Nivard Cabraal says the government is preparing to receive US $ 400 million from India, US $ 250 million from Bangladesh under swap facilities while US $ 300 million from the China Development Bank and US $ 800 million from the International Monetary Fund. In addition, the government intends to raise US $ 200 million through Central Bank from international financial markets, US $ 300 million from international sovereign bonds held by local banks and US $ 400 million from the maximum utilization of currently underutilized resources. Pointed out that it could be increased to around 7. In addition, the Central Bank of Sri Lanka is in the process of obtaining a loan of US $ 1.5 billion from the People’s Bank of China.