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Jul 26, 2011 8:12:04 AM - itnnews.lk

Sri Lanka’s foreign reserves are expected to reach eight Billion US Dollars. It will reach this figure after proceeds from a Billion Dollar sovereign bond comes to the country. Central Bank Governor Nivard Cabraal said that by the end of May Sri Lanka had 7,025.6 Million Dollars of foreign reserves. Officials had earlier said that a part of the bond proceeds will be used to settle high cost short term debt. The Central Bank Governor said reserves would go close to 8.0 Billion Dollars even after debt settlement. He said Sri Lanka would also complete its program with the IMF and there were no plans to refuse tranches.

The IMF has disbursed 1.75 billion US dollars out of a total of 2.6 billion US dollars. The balance is expected to be disbursed in two tranches after reviews in September and March.