Sri Lanka, Nov. 28 -- The Ministry of Finance has responded to Fitch Ratings downgrading Sri Lanka to 'CCC'.

Issuing a statement the MoF states that Fitch Ratings have failed to recognize the robust policy framework of the new Government for addressing the legacy issues, including the concerns raised by Fitch Ratings, and ensuring ongoing economic recovery and Macroeconomic stability of the Country.

It further states that Fitch Ratings project a government debt to GDP ratio of 100 per cent at end 2020 and 116 per cent at end 2024, while grossly overestimating the budget deficit at around 11.5 per cent of GDP in 2021 and 2022. As the relative share of outstanding foreign debt has already fallen to 44 per cent as per the latest available ...