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News about online bank account hacker in Sri lanka

19 April 2016


Sri Lanka to stop excess borrowing, eyes cheap funds after IMF deal

Reuters – Sri Lanka will stop excess government borrowing in a bid to get out of a debt trap and it hopes for cheaper loans after a deal with the International Monetary Fund is finalised, its central bank chief said on Tuesday.
Sri Lanka is facing a looming balance of payments crisis because of a foreign outflow of about $2 billion from government securities since January last year and is in a debt trap, partly due to heavy infrastructure borrowing by the past government.
The government in March announced an increase in value-added tax and the reintroduction of capital gains tax, while it has asked China to swap some of the $8 billion it owes to China for equity.
“Now the government has consciously decided not to borrow excessively. The thrust of the economic activity is going to be private investment,” the governor of the central bank, Arjuna Mahendran, told reporters in Colombo.
The previous government had “over borrowed”, he said.
“There is not much room left for the government to continue this borrowing spree to fund large projects.”

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