The Hon. Ravi Karunanayake

¶ 01 Thank you, Hon. Speaker. I raise this question under Standing Order 27(2).

¶ 02 (a) As per the Central Bank, official reserve assets were USD 6,122 million at end-2024 and USD 4,392 million at end-2023. Will the Minister state:

¶ 03 1. The sources and amounts that contributed to reserves in 2023 and 2024, shown separately on a monthly basis in USD?

¶ 04 2. The total Government external debt stock at end-2024 in USD?

¶ 05 3. Based on the external debt composition at end-2024, the Government’s annual external debt service cash requirements in 2025, 2026, 2027 and 2028, shown separately in USD?

¶ 06 4. Whether the responsibility for sourcing/arranging foreign exchange for the above debt service lies with the Central Bank or the Public Debt Management Office?

¶ 07 5. Whether the Government has concrete plans for sourcing foreign currency for debt service for 2025-2028 and 2028-2033?

¶ 08 6. Under the IMF program, the usable official reserve targets at end-period are USD 8,520 million (2025), USD 10,888 million (2026), USD 14,208 million (2027), and USD 15,875 million (2028). Will the Minister clarify whether the Central Bank has independent monetary policy tools to adhere to these reserve targets agreed with the IMF?

¶ 09 (b) Under the Public Debt Management Act, No. 33 of 2024, the responsibility to issue Government securities in the domestic market lies with the Public Debt Management Office, while per Central Bank press releases, Treasury bills and bonds issuance, auctions, placements, acceptance of bids and yield rate decisions are conducted by the Central Bank.

¶ 10 1. In light of the provisions of the Public Debt Management Act, No. 33 of 2024, will the Minister explain why the Central Bank has continued to conduct Government securities issuances?

¶ 11 2. Does the Government assume responsibility for the outcomes of Government securities issuances conducted by the Central Bank through auctions and placements?

¶ 12 3. Who are the officials serving in the Public Debt Management Office?

¶ 13 4. From January 2025 to date, who determines the required borrowing amounts and how? Also, what are the amounts of debt raised so far, the instruments used, and the rates?

¶ 14 Thank you, Hon. Speaker.