The Cabinet has approved the President’s proposal that the Secretary to the Treasury be given the authority to take all measures required pertaining securing the necessary funds within the set borrowing limit.
As per the Appropriation Act No. 43 of 2022, a cap of Rs. 4,979 billion was set as the borrowing limit for the year 2023, with the intentions of using the funds for the repayment of loans, interests and the financing of development projects.
Sri Lanka is expected to borrow a total of Rs. 3,562 billion from domestic sources and Rs. 1,453 billion from foreign sources this year, while debt service payments due to be made in foreign currencies within the first six months of 2023 is estimated at USD 2,609 million.
The USD 2,609 million is reportedly inclusive of the Sri Lanka Development Bond loan of USD 709 million and a USD 46 million interest.
