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Wat a Chinthanya to make the reserves from 3.6Billion USD to less than 1 Billion USD in less than four months !
[Reserves could decline to US$ 900 mn by year end from US$ 2.37 bn in October - S&P Standard and Poor s Rating Services had downgraded Sri Lanka s Sovereign Rating to B from B+ and Sri Lanka s long term currency rating to B+ from BB- earlier this week. `The ratings on Sri Lanka reflect high government and external indebtedness, weak revenue mobilization, political and security concerns, as well as the rising balance of payments pressures experienced lately, with the resultant decrease in (the) foreign reserve cushion,` the rating agency had said in a statement. It said that these are the sources of risk for Sri Lanka s economy which increases the stress on the country s debt service capacity in light of the unfavourable global economy. The rating agency also said it reflected Sri Lanka s deteriorating external liquidity position and the absence of material progress at fiscal consolidation ] |
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