The sale of the reclaimed land at Galle Face, for the Port City Project, will yield a whopping US $ 13 Billion, Central Bank Governor Dr. Indrajit Coomraswamy said.
He said that it will take another one and a half to two years for the land to be reclaimed and filled and that will be the time that the land will be sold to the project for US $ 13 billion. This will by far be the largest transaction to be effected in Sri Lanka.
He also said that the request by the International Monetary Fund to increase the Foreign Reserves would be possible soon with the Washington based Brettonwoods Institution agreeing to the IMF staff level agreement which is billed for next week.
He said that plans were afoot to increase the Foreign Reserves to US $ 7.2 Billion by end 2017, but was tightlipped on the modus operandi.
The CB Governor also said that the moves to increase the Reserves were well on the way but added that the details could not be revealed to the media until such time that the Staff Level Agreement was signed.
They are reviewing our progress, which is going now and it would be any time from now, the Governor said.
When asked about investments, he said that he was confident that it would rise, notwithstanding that investment did not come under the aegis of the Central Bank. Asked about the Foreign Reserves plummeting to an all time seven year low, he said that the context would be soon changing, but all the fundamentals would change in a month, and added that he could not spell out the details at this moment of time.
He also said that Cabinet has approved the holding of a Treasury Bond issue for US$ 1.5 billion which will also take place soon.