The proposal by Finance Minister Ravi Karunanayake to issue international sovereign bonds to obtain funds was approved by the Cabinet of Ministers.

According to the Appropriation Bill 2017, the balance outstanding of government's maximum borrowings for the financial year 2017 is Rs. 1,579.11 billion.

It has been estimated that Rs. 1,480 billion is required for payment of loan instalments and interest in 2017.

By issuing international sovereign bonds, the government hopes to raise the remaining USD 1,500 million.