ISBs: Finance Minister says downgrading of credit rating to blame

News

Finance Minister Mangala Samaraweera claimed that the country is being forced to pay a higher interest rate for International Sovereign Bond (ISB) issues as the country's credit rating was downgraded by all three international credit rating agencies during the 52-Day "Constitutional Coup."

By Sandun Jayawardana

The Minister made the remarks during his speech concluding the debate on the Budget's Second Reading this evening.

Finance Minister Samaraweera said there was some truth in what the JVP Leader and other members of the Opposition had said about the ISBs and that the downgrading of the country's credit rating was to blame.

Nevertheless, the Government was working towards stabilizing the situation and some of the damage has now been rectified, he told Parliament.

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