Sri Lanka: Reserves plummet amid unsustainable debt payment Ponzi
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Official reserves fell from US$3.14bn to US$2.36bn in Jan. despite a US$400mn swap inflow and US$512mn debt postponement
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External public principal of a least US$2.1bn due in next two months will deplete reserves absent fresh inflows
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Recent rally on IMF technical support is misplaced as gov't continues to resist IMF programme and reforms; retain Hold
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This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").
The Analyst certifies that the views and forecasts expressed in this report accurately reflect their personal views about the subject, securities, or issuers specified herein. In addition, the Analyst certifies that no part of their compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this report.