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Sri Lanka looks to raise US$500 million as it struggles with record debt

The Sri Lankan government is looking to raise US$500 million through development bonds, as it struggles to repay a record high debt.

Reuters reports the Colombo must repay an estimated 1.97 trillion rupees ($12.85 billion) in 2018 which includes $2.9 billion of foreign loans, and a total of $5.36 billion of interest. The sum is a record high for the Sri Lankan government.

Sri Lanka’s Central Bank announced this week that it plans to raise $500 million in 2-year, 3-year, 4-year, and 5-year Sri Lanka Development Bonds (SLDB).

See more from Reuters here.