August 3, 2018 / 8:43 AM / in 3 months

Sri Lanka economy unlikely to grow more than 4 pct in 2018 -c.bank gov

COLOMBO, Aug 3 (Reuters) - The governor of Sri Lanka’s central bank on Wednesday 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. (Reporting by Ranga Sirilal Editing by Joseph Radford)

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