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* Finance Ministry and the Central Bank faced a serious financial crisis after October 26 - CB Governor
Sat, Jan 19, 2019, 10:24 pm SL Time, ColomboPage News Desk, Sri Lanka.

Jan 19, Colombo: Governor of the Central Bank, Dr. Indrajit Coomaraswamy, said that the Finance Ministry and the Central Bank of Sri Lanka had to face a serious financial crisis due to the political crisis after October 26.

Speaking at the annual sessions of the Sri Lanka Economic Forum, Dr. Coomaraswamy said financial loss was the greatest among the many losses suffered by the country after the sudden political change.

He said Sri Lanka also lost the loan assistance agreed to be given by the International Monetary Fund and couldn't implement the parliament approval to raise Rs. 300 billion for administration expenses of the government. This has caused the Finance Ministry and the Central Bank to face a great difficulty, he added.

The Governor noted tag Sri Lanka will have to pay US$ 5.9 billion in foreign debt repayments in 2019 and the first installment was US$ 1.6 billion.

Addressing the gathering, Governor of the Central Bank said Sri Lanka was able to escape the debt crisis due to the country's good international and regional relations.

He further stated that the nearly two-month long political crisis has had a major impact on the economy and the operation of the financial system of the country.

 

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