Sri Lanka hopes to raise a record USD 5 bn in bonds in 2018

Vastavam web: Sri Lanka today said it hopes to raise a record USD 5 billion through bond issues this year as it seeks to repay its substantial debts.The country has already been forced to go to the IMF for a bailout after accumulating foreign debts of nearly USD 30 billion, according to central bank figures.But many of these have been unsuccessful — including a huge airport in the home town of the former president.Government spokesman Gayantha Karunaratne said the cabinet had approved the decision to raise USD 5 billion through bonds.

It secured a USD 1.5 billion bailout from the International Monetary Fund in June 2016 following a balance of payments crisis.The Central Bank of Sri Lanka said last week the economy grew at a slower than expected 3.3 per cent in the third quarter of last year.