COLOMBO Jan 11 Sri Lanka's Cabinet has approved
the issuance of $1.5 billion worth of development bonds in 2017
to strengthen the government's borrowing programme, an official
said on Wednesday.
"The proposal made by Ravi Karunanayake, minister of
finance, to issue Sri Lanka development bonds of 1,500 million
dollars to strengthen the governments borrowing programme 2017
was approved by the cabinet of ministers," cabinet spokesman
Gayantha Karunatileka told reporters.
Sri Lanka's economy is still recovering from a debt and
balance-of-payments crisis last year, although an economic
reform programme is in place as required by the International
Monetary Fund when it extended a $1.5 billion, three-year loan.
(Reporting by Shihar Aneez; Writing by Ranga Sirilal; Editing
by Jacqueline Wong)