Sri Lanka

Sri Lanka: Reserves plummet amid unsustainable debt payment Ponzi

  • Official reserves fell from US$3.14bn to US$2.36bn in Jan. despite a US$400mn swap inflow and US$512mn debt postponement

  • External public principal of a least US$2.1bn due in next two months will deplete reserves absent fresh inflows

  • Recent rally on IMF technical support is misplaced as gov't continues to resist IMF programme and reforms; retain Hold
February 7th, 2022
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