8 July 2023 12:00 am Views - 124
India plans to allow Sri Lanka up to 12 years to repay its debt to help ease the financial burden on the island nation, India’s Export Credit Guarantee Corporation (ECGC) Ltd’s Chairman-cum-Managing Director M. Senthilnathan said as quoted in foreign media.
The foreign media said Sri Lanka’s negotiations with the IMF are going on. After that restructuring package will come, we will recover [our] money over a period of time. What we are supposed to get in 3–4 years, may get extended to 10–12 years,” Senthilnathan said.
“But the interest rate will come down. This is a situation induced by inflation and because of the fallout of (Ukraine) war. You accommodate them for the next 5–6 years and later the markets will open up,” Senthilnathan added.
However, there is no formal announcement by the External Affairs Ministry of India, EXIM Bank of India or any other Indian agency with authority in this regard.