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The Governor further said,"In reality, government finances are out of sync. There is a chronic tax-shortfall. And as a consequence of the vast wage increase given to public servants, our recurrent expenditure has ballooned. Thus, the need for borrowing has increased.
On top of that, the external environment is less benign for emerging markets. These factors have combined to create a volatile situation. Our borrowing rates are quite high. We still offer rates in the region of 5-8% or even 10% in the longer term. We can't cripple the local economy by allowing this to go on. That's why officials of the Public Debt Department occasionally cancel an auction or two when the bidders ask for exorbitant rates. With the new renminbi debt dynamic, Sri Lanka will be able to attract more Chinese investment for infrastructure projects and will also be able to partly fund such projects in a productive way, the Governor said.
full article - http://island.lk/index.php?page_cat=article-details&page=article-details&code_title=143662
On top of that, the external environment is less benign for emerging markets. These factors have combined to create a volatile situation. Our borrowing rates are quite high. We still offer rates in the region of 5-8% or even 10% in the longer term. We can't cripple the local economy by allowing this to go on. That's why officials of the Public Debt Department occasionally cancel an auction or two when the bidders ask for exorbitant rates. With the new renminbi debt dynamic, Sri Lanka will be able to attract more Chinese investment for infrastructure projects and will also be able to partly fund such projects in a productive way, the Governor said.
full article - http://island.lk/index.php?page_cat=article-details&page=article-details&code_title=143662
