Revenue decline puts pressure on govt’s fiscal management-by Sanath Nanayakkare Moves underway to strengthen gross official reserves Seeking support from IMF ruled out Source:Island As government revenues have fallen below expected levels, fiscal management of the government is under pressure, Ajith Nivard Cabraal, State Minister of Finance, Capital Markets and State Enterprise Reforms said in Colombo yesterday. He made this remark while speaking at a media briefing held at the Ministry of Finance. “Although a sovereign bond of USD one billion needs to be settled this month, the actual outflow would be USD 700 million as Sri Lankan citizens own a share of USD 300 million of it. The current reserves are at USD 4 billion. After making this payment, the reserves will technically remain at USD 3 billion. Agreements have been arrived at with People’s Bank of China for a SWAP loan of USD 1.5 billion. In addition, the ...

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