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United Republican Front (URF) leader Patali Champika Ranawaka said Sri Lanka defaulted on a payment of USD 6 billion starting from April 2022 when the country announced bankruptcy.
He said this was the reality though the Central Bank data show the increase of foreign reserves to USD 5 billion.
“While CBSL data shows Sri Lanka’s foreign reserves reaching USD 5 billion, it is imperative to understand that from April 2022, the sum of defaulted debt is approximately USD 6 billion. The sum of loans obtained since the default from the World Bank, ADB, and IMF is USD 3 billion,” he posted on X.
Sri Lanka’s gross official reserves grew 431 million dollars to 4,951 million US dollars in March 2024 from 4,520 million dollars in February, data from the central bank shows.
Gross official reserves include both monetary and fiscal reserves of the government, that usually come from loans and grants.
Through gross official reserves are listed as 4.9 billion dollars by March, data shows that by February, the central bank’s net foreign exchange position was a negative 2.2 billion US dollars due to its borrowing.
Sri Lanka’s gross official reserves grew 431 million dollars to 4,951 million US dollars in March 2024 from 4,520 million dollars in February, data from the central bank shows.
Gross official reserves include both monetary and fiscal reserves of the government, that usually come from loans and grants.
Through gross official reserves are listed as 4.9 billion dollars by March, data shows that by February, the central bank’s net foreign exchange position was a negative 2.2 billion US dollars due to its borrowing.
Is it correct to conclude that the Central Bank is playing with data and hiding the truth?
