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Sri Lanka's finance ministry reassures lenders of debt repayment as rupee hits all time low

Sri Lanka’s finance minister issued a statement reassuring lenders of timely debt repayment, as Sri Lanka’s rupee hit a historic low.

The statement released by the ministry today said,

“The GOSL wishes to assure all lenders that all such dues will be met on due dates as has been the time honoured tradition of the country where we have maintained an unblemished track record of debt payments. Further, we wish to note that this Ministry has been closely collaborating with the Central Bank of Sri Lanka to ensure that adequate buffer are created and maintained in view of dues that will arise in 2019 especially the repayment of the International Sovereign Bond (ISB) amounting to US 1,500 million maturing during the year 2019.”

The statement came a day after Sri Lanka’s Central Bank hit back at ratings agency Moody’s decision to downgrade Sri Lanka’s rating, describing it as "unwarranted". 

The International Monetary Fund, earlier this week, confirmed that discussions regarding its next loan tranche to Sri Lanka had been delayed due to the island’s deteriorating political crisis.