President proposes to increase borrowing limit by Rs. 3.45 trillion
Posted on November 13th, 2023
Courtesy Adaderana
President Ranil Wickremesinghe, who delivered the 2024 Budget Speech in Parliament today (13), proposed to increase Sri Lanka’s borrowing limit by Rs. 3,450 billion.
As such, the borrowing limit for the next fiscal year will be raised from Rs. 3,900 billion to Rs. 7,350 billion.
Addressing the House, the Head of State explained that bank recapitalization and external debt restructuring will require the issuance of new debt instruments with longer maturities.
Therefore, budget allocations are needed to settle the existing debt and the borrowing limit needs to be increased, he added.