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'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Issue</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Sri Lanka’s external foreign reserves have fallen to all-time low of $1.6 billion, creating alarm in different quarters.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Many of Sri Lanka’s sovereign bonds are due to mature this year. The country has to pay around $1.5 billion in next six months.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The sovereign credit rating of the country has been degraded to ‘CC’ category by American credit rating agency Fitch, which is the lowest.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Despite economic crisis from the past few years, the island-nation has not defaulted. The falling currency and possible food shortage can change the situation this year.</span></span></p>
</li>
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<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Response of government</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Sri Lanka’s foreign reserves have stood at $3.1 billion last year including $1.5 billion currency swap agreement with China.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The central bank of the country has earmarked $500 million for paying the sovereign bond that will mature this January.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The government blames the pandemic for the current crisis and has announced a special $1.2 billion package for “economic relief”.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Crisis and pandemic</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Major foreign exchange earning sectors such as Tea, garments, tourism and spices were severely impacted. The foreign remittances were also seriously depleted.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Experts say that the crisis was not entirely the fault of pandemic as the problems had begun earlier. The pandemic has just exacerbated the older crisis.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Sri Lanka’s debt obligations</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Majority of Sri Lanka’s external debt is dominated by market borrowings. International sovereign bonds amount to nearly half of the country’s total foreign debt.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">In June this year, Sri Lanka has another $1 billion of bond payment. This will leave no foreign reserves to buy essentials such as food, fuel or medical supplies.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Future aspects</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The food crisis may explode if production of paddy and other essentials reduce by half due to the move of the government to ban fertilizers.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Many experts suggest that the government negotiate with the International Monetary Fund (IMF) to restructure its external debt and find temporary finances.</span></span></p>
</li>
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<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Concerns in IMF deal</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The IMF deal will demand that greater transparency is maintained in the way money is spent, which the ruling party is fearful of.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The IMF programme also asks to cut spending on social services and welfare programmes, which can aggravate the poverty conditions.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>India’s role</strong></span></span></p>
<p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">India is said to be planning to extend an emergency line of credit to Sri Lanka for importing food and fuel. There are demands for debt freeze and a currency swap. </span></span></p>
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'title' => 'Sri Lanka’s looming economic crisis',
'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Issue</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Sri Lanka’s external foreign reserves have fallen to all-time low of $1.6 billion, creating alarm in different quarters.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Many of Sri Lanka’s sovereign bonds are due to mature this year. The country has to pay around $1.5 billion in next six months.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The sovereign credit rating of the country has been degraded to ‘CC’ category by American credit rating agency Fitch, which is the lowest.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Despite economic crisis from the past few years, the island-nation has not defaulted. The falling currency and possible food shortage can change the situation this year.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Response of government</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Sri Lanka’s foreign reserves have stood at $3.1 billion last year including $1.5 billion currency swap agreement with China.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The central bank of the country has earmarked $500 million for paying the sovereign bond that will mature this January.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The government blames the pandemic for the current crisis and has announced a special $1.2 billion package for “economic relief”.</span></span></p>
</li>
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<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Crisis and pandemic</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Major foreign exchange earning sectors such as Tea, garments, tourism and spices were severely impacted. The foreign remittances were also seriously depleted.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Experts say that the crisis was not entirely the fault of pandemic as the problems had begun earlier. The pandemic has just exacerbated the older crisis.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Sri Lanka’s debt obligations</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Majority of Sri Lanka’s external debt is dominated by market borrowings. International sovereign bonds amount to nearly half of the country’s total foreign debt.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">In June this year, Sri Lanka has another $1 billion of bond payment. This will leave no foreign reserves to buy essentials such as food, fuel or medical supplies.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Future aspects</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The food crisis may explode if production of paddy and other essentials reduce by half due to the move of the government to ban fertilizers.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Many experts suggest that the government negotiate with the International Monetary Fund (IMF) to restructure its external debt and find temporary finances.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Concerns in IMF deal</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The IMF deal will demand that greater transparency is maintained in the way money is spent, which the ruling party is fearful of.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The IMF programme also asks to cut spending on social services and welfare programmes, which can aggravate the poverty conditions.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>India’s role</strong></span></span></p>
<p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">India is said to be planning to extend an emergency line of credit to Sri Lanka for importing food and fuel. There are demands for debt freeze and a currency swap. </span></span></p>
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