Sri Lanka expects up to USD 8 Bn more in loans, asset restructuring - Sabry

Sri Lanka is expecting loans of up to USD 5 billion next year from multilateral agencies besides a deal with the IMF, Foreign Minister Ali Sabry told Reuters, adding that the government could raise up to USD 3 billion through the restructuring of state assets.

“Apart from what we get from the IMF, we are looking at all others, the multilaterals put together another USD 4 - USD 5 billion ...,” Ali Sabry said in an interview on Wednesday.

“The president is interested in restructuring some of the (state) institutions, so through that if we can raise USD 2 - USD 3 billion, our treasury and reserves become strengthened.”

Struggling with its worst economic crisis in more than seven decades, Sri Lanka reached an IMF staff-level agreement in September for a loan of $2.9 billion, which could be approved for disbursal next year.

Source: Reuters