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Sri Lanka aiming to increase foreign reserves to US$ 10 bn by end 2017



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Finance Minister Ravi Karunanayake told the media yesterday that a combination of sovereign bonds, a syndicated loan and the forthcoming investment by China in the Hambantota Port will boost Sri Lanka's foreign reserves to US$10 billion by the end of this year.

At present the country's foreign reserves stand at US$ 5.3 billion.

Meanwhile, the government will issue its sovereign bond in June which will be organized by seven lead managers; Citicorp, HSBC, Deutsche Bank, Standard Chartered Bank, Morgan Stanley, a Chinese bank and a Chinese finance corporation. This bond issuance is expected to raise US$ 1.5 billion.

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