Government to launch bonds for SL expats
View(s):The Sri Lankan government has plans to issue development bonds to attract foreign direct investment from the Diaspora, a top National People’s Power (NPP) party member said.
NPP Politburo Member Sunil Handunnetti told The Sunday Times Business on Thursday that these bonds will be similar to Sri Lanka Development Bonds but in smaller denominations and shorter tenures such as three months. He further explained that it will be a type of savings bond and will be used for development activities in the country.
“The plans are at a very initial stage. We have already spoken to several expatriates living abroad and they are extremely interested,” he stated. He said this will not probably be targeted to the typical average worker, but those who wish to send in monthly collections. The bond will be structured to encourage regular monthly savings.
Mr. Handunnetti explained that they have requested the three state banks to send suitable proposals in this regard. “We will select the best and launch it.” He added the banks were roped in to make the process more transparent. He said the banks are currently working on it and the government expects to launch it towards the end of this year.
He noted that most expatriates working overseas, whether blue-collar or white-collar, are confident of the new government’s ability to resurrect the economy. “It is in this light that we want to channel FDI into the country with the help of these people.”
Separately, the government has requested the state banks to give a better savings option so that inward remittances flowing in from foreign workers will be routed through these banks. An NPP Member explained that this is done in a bid to channel the savings of the migrant workers as opposed to the day-to-day expenses most of them currently send to Sri Lanka.
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