Sri Lanka looks for foreign investors to stabilise rupee
Bernama
April 23, 2022 21:08 MYT
April 23, 2022 21:08 MYT
Sri Lanka is looking for investors that can bring in more than US$2 billion into the central bank, Xinhua news agency quoted Finance Minister Ali Sabry as saying on Friday in an address to the press from Washington via video link. - Freepik
COLOMBO: Sri Lanka is looking for investors that can bring in more than US$2 billion into the central bank, Xinhua news agency quoted Finance Minister Ali Sabry as saying on Friday in an address to the press from Washington via video link.
Sabry said that the next few months will be difficult for Sri Lankans. "There is a need to attract investments in US dollars into Sri Lanka's central bank."
The minister said that the government is talking with several countries to get funds as soon as possible.
"If that effort is successful and money comes to the central bank, it will help stop the depreciation and stabilise the rupee," he said.
The Sri Lankan government decided last week to suspend repayment for all debts for an interim period till it has an orderly and consensual debt restructuring programme supported by the International Monetary Fund (IMF).
-- BERNAMA