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Provisions made to repay all foreign loans-Cabraal

The Governor of the Central Bank Ajith Nivard Cabraal says necessary provisions have been made to repay all foreign loan instalments.

Accordingly, Governor Cabraal said an undue fear need not be created regarding the repayment of foreign loan instalments.

The Governor speaking at a media briefing at the Central Bank of Sri Lanka today over monetary policy decisions cited several reasons for not seeking assistance from the International Monetary Fund.

He said the government believed that the debt crisis should be faced, and stated that the IMF would propose the depreciation of the rupee, dropping interest rates, reducing the number of state workers, curtailing pensions, and selling state resources in order to address the present situation and could likely propose a reform agenda.

Governor Cabraal said he believes the country does not require such measures.

The Governor said the hawala system is currently being vastly used which he said would be brought to a halt.

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