NEW DELHI: Sri Lanka's central bank governor said on Wednesday lowering the country's reliance on foreign debt will require some austerity, as Colombo attempts to shore up confidence in its faltering economy.

"This will no doubt require some austerity, in terms of mostly cutting down non-essential consumer imports (and) a systematic effort in enhancing all forms of foreign currency inflows," governor W.D. Lakshman said during a panel organised by a Sri Lankan think tank.

Reports the country will default on its debt were "politically and ideologically motivated", he said, adding the country was committed to honouring its foreign debt obligations.