President confident of forex crisis easing

 

President Gotabaya Rajapaksa yesterday was optimistic that the ongoing foreign exchange and reserves crisis will ease with the earmarked inflows materialising shortly.

“I am confident of foreign reserves improving,” the President told the Daily FT on the side-lines of a luncheon meeting with a select group of editors yesterday. He pointed to several bilateral arrangements, including with India and China, coming to fruition shortly, and with other inflows, reserves would be above $ 3 billion.

Separately, he told editors that despite the unprecedented pandemic and its impact, including the loss of $ 10 billion in tourism earnings, Sri Lanka successfully serviced debt worth $ 12 billion in the past two years.