Jun 20, 2017

80 pc of 2017 borrowings already obtained Featured

The government has already obtained, in the first half of 2017, as much as 80 per cent of the borrowings it can secure for the year, say Central Bank sources.

Obtaining such a massive amount of loans within the first six months will leave serious problems with regard to state expenses in the remainder of the year, economists say.

According to 2017 budget presented by former finance minister Ravi Karunanayake, the maximum local and foreign borrowings for the year are Rs. 1,579 billion.

Of that amount, Rs. 1,250 billion had been obtained already, with just Rs. 325 billion left, which is wholly inadequate for the remaining six months, economists add.