President Gotabaya Rajapaksa is likely to appoint a Cabinet-level negotiation committee to hold discussions with ‘friendly countries’ seeking financial assistance ahead of the country’s external debt repayments this year.
Based on a proposal presented by Finance Minister Basil Rajapaksa, the Cabinet Co-Spokesperson and Minister of Mass Media Dullas Alahapperuma yesterday said the Cabinet of Ministers has agreed to appoint a ministerial negotiation committee to engage in negotiations with ‘friendly countries’ of Sri Lanka and to allow President Rajapaksa to appoint members to the committee.
“The President is likely to announce it during the next Cabinet meeting,†he said.
However, he didn’t specify the list of ‘friendly nations’ the government is going to approach with this committee.
The government has been seeking currency swaps and credit lines from several countries, including India, China and some Middle Eastern countries.
Commenting on the repayment of US$ 500 million International Sovereign Bonds (ISB) maturing on 18th of this month, the Cabinet Co-Spokesperson and Minister of Plantation Ramesh Pathirana expressed confidence of repaying the full amount on time.
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No wonder we are being downgraded by Fitch.