South Asian Business news and information

Sri Lanka needs foreign money to tide over a gap in the budget as 3-month benchmark interest rates rose to 18.40 percent last week. Sri Lanka is starting road shows in Singapore, Hong Kong, London and USA this week to market the sovereign bond with JP Morgan, HSBC and Barclays Capital managing the issue. Analysts say the government has also been dipping into the country's international reserves to settle its liabilities and the proceeds of the bond would help shore up reserves in addition to reducing pressure on the domestic debt markets.