Sri Lanka

    The IMF on Nov. 9 warned Sri Lanka against issuing government bonds to build up foreign currency reserves after it released the second installment of a 2.6-billion-dollar bailout. The IMF said Colombo's reserves were at a "comfortable position" having slumped to a historic low of one billion dollars earlier this year, but cautioned against more borrowing. "There is a difference between borrowed reserves and reserves collected from the current account (of the balance of payments), like booming exports," IMF resident representative in Sri Lanka, Koshi Mathai, told reporters. Sri Lanka's reserves topped a record USD 5 billion after the IMF last week released USD 329.4 million dollars, the Central Bank of Sri Lanka said. (AFP)

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