Foreign debt: To repay or not?
View(s):Sri Lanka is grappling with a decision on whether or not to repay the US$500 million debt due on Tuesday January 18.
Central Bank Governor Ajith Nivard Cabraal has reiterated that the payment will be made and no decision has been taken to default. However several economists have said the best option, given the current crisis where scarce dollars are required for essential goods imports, is to default payment and restructure the debt.
Meanwhile, workers’ remittances improved to $325.2 million in December 2021, up from $271.4 million in the previous month, November. The Central Bank had offered an extra Rs. 8 per US dollar for remittances made by workers for December 2021 and January 2022, in addition to Rs.2 per dollar offered earlier.
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