President Ranil Wickremesinghe, who delivered the 2024 Budget Speech in Parliament today (13), proposed to increase Sri Lanka’s borrowing limit by Rs. 3.45 billion.
As such, the borrowing limit for the next fiscal year will be raised from Rs. 3.9 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.
