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Fitch Ratings Reviews Sri Lanka’s Foreign Currency Debt 
Posted 16,June

By Chaveendra Dunuwille

In Local News

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According to a recent report released by Fitch Ratings Sri Lanka’s foreign  currency debt obligations valued at a cumulative total of $29 billion is due  between the present and 2026.  

The report also showcased that Sri Lanka’s CCC rating greatly reflects the  burden faced by the government in the repayment of foreign debt primarily due  to the Co-vid 19 pandemic condition which the government is yet to get under  control with many now speculating that the death toll from the virus is at a  greater value than the statistics released by the government.  

The external liquidity pressures have eased following bilateral loan  disbursements and governmental authorities and the government has managed  to secure several means of multi-lateral and bilateral channels of finances for  several projects which included the Asian Development Bank, Asian  Infrastructure Investment Bank, Export-Import Bank of Korea as well as the  SAARC swap facilities and a loan from the People’s Bank of China valued at $400  million and $1.5 billion respectively.  

The report assured that the with the current situations Sri Lanka would be able  to meet the remaining debt maturities but this situation may not last if the  government fails to respond to the current crisis and continues to diminish its  foreign reserves.