US $ 1Bn loan from China to settle previous loans

26 March 2022 11:25 am Views - {{hitsCtrl.values.hits}} 7 Bookmark

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The proposed US $ 1 billion loan to be obtained from China will be utilised to settle the previous loans from the Chinese banks, Daily Mirror learns.

Sri Lanka’s current loans from China also amount to nearly US $ 1 billion, a top source said. The latest method will be adopted since China does not have the concept of rescheduling debts.

The authorities of the two countries are currently negotiating terms and conditions of the new financial facility to be extended.

Besides, there will be another US $ 1.5 billion buyer’s credit from China to import materials from China. (Kelum Bandara)

Comments - 7

Adoik Saturday, 26 March 2022 12:44 PM

We all should held responsible for this crisis and not only the politicians. See our import pattern and total import value then we can get an idea about this. Our too much expensive life style cost us a great damage.

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Mizaru Saturday, 26 March 2022 12:45 PM

It would be nice to know the terms and conditions of this loan, specially the interest and the period the load has to be repaid.

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Punchi Banda Saturday, 26 March 2022 12:51 PM

Borrowing from Peter at high interest rates to pay Peter ?

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gamini Saturday, 26 March 2022 01:21 PM

from where will you borrow next to settle this $ 1B- Bangladesh? Afghanistan?

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dss Saturday, 26 March 2022 02:00 PM

China is the saviour of Srilanka. By giving a new loan, old loans are settled. One port has gone and what next ?

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Sajith Saturday, 26 March 2022 02:26 PM

A new loan from China to settle a old loan from China which was already taken to settle a loan China

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Athk69 Saturday, 26 March 2022 02:35 PM

A.k.a. an aggregated debt trap, for the unborn Sri Lankans to repay - courtesy the current Sri Lankans

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