Press briefing of Cabinet Decision taken on 2017-06-20

Proposal to establish an Offshore Sri Lankan Rupee (LKR) Bond Programme by the International Finance Corporation

- The International Finance Corporation (IFC) affiliated to the World Bank has submitted a proposal to issue offshore Sri Lankan Rupee Bonds and to utilize such proceeds in her own IFC projects implemented by Sri Lanka. By this the country will benefit since it would signal confidence in the Sri Lanka economy: flow new foreign investors into the country overtime: promote alternative funding sources for the Sri Lanka bond issuers and attract more USD flows into Sri Lanka. The matter has been taken up at the Committee meeting of the Cabinet Committee on Economic Management and the implementation of the proposal has been recommended. Accordingly, the proposal made by Hon. Mangala Samaraweera, the Minister of Finance and Mass Media, to implement the proposal subject to obtaining the formal approval of the Central Bank of Sri Lanka and the other relevant institutions, was approved by the Cabinet.