Wednesday, July 30, 2014   

Sri Lanka’s Rajapaksa regime raises US$1b more debt
(01-07 16:14)

Sri Lanka, ruled by President Mahinda Rajapaksa, said it raised US$1 billion through a sovereign bond issue despite a warning by the International Monetary Fund against increasing its foreign borrowing.
The central bank said the five-year bond, offering an annual 6 percent yield, was more than three times oversubscribed within hours of opening Monday.
The bank said 62 percent of the bonds were bought by US investors and Europeans took 26 percent while Asian investors made up the remainder.
Sri Lanka went ahead with the issue despite a warning by the IMF late last year that its external debt was too high and repayments were becoming a big burden.
The IMF said the island's short-term external debt was equivalent to over half its foreign reserves.—AFP
   
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