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Sri Lanka’s NDB to sell Rs7.5bn in listed debt

COLOMBO (EconomyNext) – Sri Lanka’s National Development Bank said it wanted to sell up to 7.5 billion rupees in listed debt.

NDB said it board has approved the issue of 5.0 billion rupees of debt, with an option to go up to 7.5 billion rupees.

The rates and tenor was not announced.

The announcement comes after a January 29 budget which raised current spending and cut taxes, which some analysts say makes current interest rate no longer sustainable and will add to balance of payments pressure.