Tuesday, 19 October 2021

Sri Lanka economy unlikely to grow more than 4pc in 2018

COLOMBO: The governor of Sri Lanka’s central bank said the country’s economy is unlikely to grow more than 4 percent in 2018.

“The output gap continued to be pretty significant … it is unlikely that growth would be going to be more than 4 percent this year,” Indrajit Coomaraswamy told reporters.

The central bank had previously estimated this year’s growth to be between 4 percent and 4.5 percent, falling short of the 5 percent touted earlier.

Coomaraswamy also said the island nation would get the $500 million first tranche of a $1 billion syndicated loan from China Development Bank by month end, with the second $500 million tranche by October.

He added that Sri Lanka also planned to issue so-called panda bonds worth the equivalent of about $200-$250 million before year-end.

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