'Port City Colombo to help raise non-debt forex inflows for SL'

The newly enacted legislative framework for the Port City Colombo project will help raise non-debt foreign exchange inflows for the island nation, Governor of the Central Bank of Sri Lanka (CBSL) W.D. Lakshman said here.

Sri Lanka's Parliament on May 20 approved a bill to establish the first service-oriented special economic zone in 269 hectares of land reclaimed from the ocean and annexed to the city of Colombo, reports Xinhua news agency.

In an official statement on Monday, Lakshman dismissed speculation over Sri Lanka's ability to service its debt as "unwarranted" and "harmful".

Lakshman said Sri Lanka's external debt has been brought down despite adverse conditions posed by the Covid-19 pandemic.

He said the CBSL was judiciously managing imports and foreign reserves.-IANS