Jan 26, 2017 (LBO) - Sri Lanka's debt servicing will double in 2019 to 3,992 million dollars, the highest debt repayment to be paid by the island in a year, when compared to last year due to the borrowings of the previous government, the Finance Ministry said.
"The total debt stock of Sri Lanka has gone up by 233 percent to 7,391 billion rupees during the period from 2005 to 2014," the ministry said in a statement.
In 2005 the total debt burden was 2,222 billion rupees and within 5 years by 2010 it increased up to 4,590 billion rupees.
In addition there is another 2,000 billion rupees debt obtained by the public-owned enterprises directly off the balance sheet.
Accordingly, Sri Lanka is compelled to make the repayment on foreign loans as follows:
Total amount paid in 2014 - US$ 1,442 million
Total amount paid in 2015 - US$ 2,031 million
Total amount paid in 2016 - US$ 1,828 million
Total amount should be paid in 2017 - US$ 2,417 million
Total amount should be paid in 2018 - US$ 2,564 million
Total amount should be paid in 2019 - US$ 3,992 million
Total amount should be paid in 2020 - US$ 3,463 million.
This debt repayment covers only the project loans and the International sovereign bond. The liability on the loan obtained from the IMF and the investment by foreigners on the treasury bills and treasury bonds is to be paid separately, the statement added.
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