Sri Lanka cabinet approves USD1.5bn development bond issue

Jan 11, 2017 (LBO) – Sri Lanka’s cabinet on Tuesday approved a proposal to borrow 1.5 billion US dollars from the issuances of development bonds this year. Borrowings from domestic sources is estimated to be at 1,129 billion rupees and foreign sources is estimated to be 450 billion rupees. The domestic borrowings will mainly consist of the issuance of treasury bonds and development bonds.
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In terms of foreign borrowings, cabinet approval has been granted on 13 December 2016 to raise funds through a foreign currency term financing facility amounting to 300 – 1,000 million US dollars. It is expected to raise 225 billion rupees (USD1.5bn) during 2017, through development bond issues within the total gross borrowing limit of 1,579 billion rupees approved by Parliament through the appropriation act 2016. These gross borrowings are to be utilized for the repayment of loans amounting to 800 billion rupees and 779 billion rupees to finance development projects and other expenses in 2017.