{"id":73568,"date":"2018-01-09T00:50:14","date_gmt":"2018-01-09T06:50:14","guid":{"rendered":"http:\/\/www.lankaweb.com\/news\/items\/?p=73568"},"modified":"2018-01-08T17:16:04","modified_gmt":"2018-01-09T00:16:04","slug":"sri-lanka-to-raise-500mln-through-bonds-divesting-hotels-amid-debt","status":"publish","type":"post","link":"https:\/\/www.lankaweb.com\/news\/items\/2018\/01\/09\/sri-lanka-to-raise-500mln-through-bonds-divesting-hotels-amid-debt\/","title":{"rendered":"Sri Lanka to raise $500mln through bonds, divesting hotels amid debt"},"content":{"rendered":"

www.thenews.com.pk<\/em><\/span><\/h2>\n

COLOMBO: Sri Lanka aims to raise $500 million this month via development bonds and is in the process of divesting two state-owned hotels, the central bank and a ministry said on Monday, as the government faces unprecedented debt repayment this year.<\/p>\n

President Maithripala Sirisenea\u00b4s administration must repay an estimated 1.97 trillion rupees ($12.85 billion) in 2018 – a record high – including $2.9 billion of foreign loans, and a total of $5.36 billion of interest.<\/p>\n

The central bank announced plans to raise $500 million in 2-year, 3-year, 4-year, and 5-year Sri Lanka Development Bonds (SLDB) out of planned $3 billion for this year at both fixed and floating rate arrangement, the central bank said in a posting on its website.<\/p>\n

The cabinet last week approved plans to borrow some $5 billion in 2018, including $2 billion of sovereign bond sales and $3 billion of development bonds to refinance big debts that fall due this year.<\/p>\n

A total of about $2.5 billion worth of Sri Lanka Development Bondss mature this year.<\/p>\n

The government has also called for a request for proposal (RFP) to find investors for 45 billion rupees ($293 million) worth of Grand Hyatt Colombo property that includes a 458-room,<\/p>\n

5-star hotel and 100 apartments.<\/p>\n

The government has offered 100 percent shares in Grand Hyatt Colombo property and said an investor would be selected through a competitive process, the Ministry of Public Enterprise Development said in a posting on its website.<\/p>\n

The government has entered into a 20-year management contract with the Hyatt Group to run the hotel, which is due to be completed and to begin operations this year.<\/p>\n

The government also said it was seeking investors for a 51 percent controlling<\/p>\n

stake in a 350-room 5-star hotel in the heart of the capital, Colombo, which Hilton Internationalruns under a management contract.<\/p>\n

The ministry said Hilton International had indicated its desire to renew the contract after the current one ends in 2019 The divestment of state-owned hotels comes<\/p>\n

as the repayment of expensive infrastructure foreign loans starts this year, which has left the island nation facing a debt crisis.<\/p>\n","protected":false},"excerpt":{"rendered":"

www.thenews.com.pk COLOMBO: Sri Lanka aims to raise $500 million this month via development bonds and is in the process of divesting two state-owned hotels, the central bank and a ministry said on Monday, as the government faces unprecedented debt repayment this year. President Maithripala Sirisenea\u00b4s administration must repay an estimated 1.97 trillion rupees ($12.85 billion) […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,102],"tags":[],"class_list":["post-73568","post","type-post","status-publish","format-standard","hentry","category-business","category-economy"],"_links":{"self":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/73568","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/comments?post=73568"}],"version-history":[{"count":0,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/73568\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/media?parent=73568"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/categories?post=73568"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/tags?post=73568"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}