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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ »  External debt up at US$ 28 bn; debt to GDP ratio rises to 79 %

External debt up at US$ 28 bn; debt to GDP ratio rises to 79 %

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crowngarnet


Stock Trader
Sri Lanka’s total external debt grew by 13.8 percent Year-on-Year (YoY) to US$ 28.4 billion in 2012, the Central Bank annual report for the year 2012 released yesterday showed.

The increase in external debt was mainly attributed to medium and long term loans entered into by the government, including the proceeds of the international sovereign bond and disbursements under the International Monetary Fund’s Stand-by arrangement facility.

Inflows to government securities and medium to long term foreign loans to public corporations were also cited as further contributing factors to overall debt levels.

As a percentage of GDP (Gross Domestic Product), the total outstanding external debt rose to 47.9 percent, against 42.2 percent in 2011.

Meanwhile, the country’s total debt to GDP ratio increased to 79.1 percent, reversing declines recorded in the recent past.

The CBSL cited exchange rate movements as being primarily responsible for the increase.

The annual report further showed that short-term debt increased by a drastic 23 percent, once again due to foreign holdings of government securities in 2012.

About 80 percent of government securities in question consisted of Treasury bonds with varying maturities of 1 year up to 20 years.

In nominal terms, outstanding government debt increased by 16.9 percent YoY to Rs. 6,000 billion while foreign currency denominated debt increased by Rs.207 billion, again due to exchange rate movement.

Additionally, foreign debt service payments as a percentage of receipts from the export of goods and services grew to 21.2 percent, against 12.7 percent in 2011. The Central Bank cited the repayment of medium to long term loans, particularly the US $ 500 million debut sovereign bond issue in 2007 alongside increasing interest payments and a “marginal decline in the export of goods and services” in 2012 as being primarily responsible for increased foreign debt service payments.

Despite across the board increases in the country’s debt levels, the CBSL cited the five of six external debt indicators defined in the United Nations Economic and Social Commission for Asia and the Pacific (UN ESCAP) as supporting the idea that Sri Lanka is a less indebted country.

Kumar

Kumar
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Thanks for sharing news.
Please provide the source of the news item.
Read this link please.
http://forum.srilankaequity.com/t14426-newspaper-articles-guideline-for-postings

Source for the above news: http://www.dailymirror.lk/business/economy/27964-external-debt-up-at-us-28-bn-debt-to-gdp-ratio-rises-to-79--.html

mark

mark
Expert
Expert
affa,better not put money in banks? and hold rupee savings?

how abt buying gold,its look cheap no?

sanjeewa88

sanjeewa88
Manager - Equity Analytics
Manager - Equity Analytics
@mark wrote:affa,better not put money in banks? and hold rupee savings?

how abt buying gold,its look cheap no?

By Debarati Roy - Apr 11, 2013 8:23 PM GMT+0530

Gold gained for the second time in three days as a weaker dollar increased demand for the precious metal as an alternative investment.

The dollar slipped as much as 0.6 percent against a basket of six currencies. Cyprus denied that it plans to sell bullion to ease its debt crisis. Gold tumbled 1.8 percent yesterday, the most since November, after a draft of a European Commission report obtained by Bloomberg News showed that Cypriot authorities would sell metal reserves.

“A weaker dollar is supporting gold,” Adam Klopfenstein, a senior market strategist at Archer Financial Services Inc. in Chicago, said in a telephone interview. “The Cyprus denial is helpful, and we are definitely seeing some demand as prices have fallen sharply.”

Gold futures for June delivery rose 0.4 percent to $1,564.40 an ounce at 10:49 a.m. on the Comex in New York. Prices earlier retreated as much 0.4 percent after U.S. jobless claims fell more than analysts expected, easing pressure on policy makers to increase stimulus to boost growth.

Several Federal Reserve officials said the central bank should begin tapering its quantitative easing program later this year and stop it by year-end, according to the minutes of their March meeting, released yesterday. Each month the Fed buys $85 billion of securities.

Silver futures for May delivery gained 0.3 percent to $27.73 an ounce.

Source : http://www.bloomberg.com/news/2013-04-11/gold-futures-rebound-as-dollar-weakness-boosts-demand-for-metal.html



Last edited by sanjeewa88 on Fri Apr 12, 2013 7:55 pm; edited 1 time in total (Reason for editing : Add a missing part)

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