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Sri Lanka in no rush to sell sovereign bond: Finance Minister

ECONOMYNEXT – Sri Lanka is in no rush to sell a sovereign bond, Finance Minister Ravi Karunanayake said, but cabinet approval was obtained to raise up to $1.5 billionin sovereign bonds this year.

He said, after getting cabinet approval, the next step was to do roadshows to update investors.

"We just got (cabinet) approval to do so," Karunanayake said. "We are not running after it, we will see what the best position is to do so."

He said Fitch Ratings has upgraded the outlook on Sri Lanka’s credit rating to ‘stable’ from ‘positive’, recognising improvements in financial discipline, despite external uncertainty.

There was also expectations of an ‘imminent’ Federal Reserve rate hike, he said.

Sri Lanka has also missed some structural benchmarks and could miss at least one performance criteria in a deal with the International Monetary Fund, although the main thrust involving improvements in the budget is on track.

Sri Lanka is also negotiating a syndicated loan of up to $1 billion. Karunanayake said the response was better than last time. (Colombo/Feb20/2017)

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