China says Ball is in Sri Lanka’s court

27 August 2022 07:46 am Views - {{hitsCtrl.values.hits}} 14 Bookmark

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Responding to Sri Lanka’s request for China to change its tune on debt relief, a spokesman for the Chinese embassy said the ball is in Sri Lanka’s court, not China’s.

The spokesman told Daily Mirror China communicated to the Sri Lankan Finance Ministry three months ago about its readiness to discuss how to address the debt issue with the Chinese banks.

He said China encouraged its banks to discuss it. The Chinese position was also communicated during the telephone conversation between Chinese Premier Li Keqiang and then Sri Lankan Prime Minister Mahinda Rajapaksa.

“We sent proposals to the Finance Ministry. But, there was no response from them. Also, Sri Lanka insisted that it should complete the agreement with the International Monetary Fund (IMF) first. The ball is in Sri Lanka’s court,” the spokesman said.

Sri Lanka’s total bilateral debt was estimated at $6.2 billion at the end of 2020 by the IMF.

Japan and China hold the largest shares. India has provided around $4 billion to help keep Sri Lanka’s economy afloat, mainly through credit lines and swaps this year. Sri Lanka also has $14 billion of international sovereign bond debt. (Kelum Bandara)

Comments - 14

Mizaru Saturday, 27 August 2022 08:24 AM

For China, the ball is aways and will be in Sri Lanka's court. The Rajapaksas need to held responsible for the reckless borrowing just for commissions. Time to bring them to court.

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Please answer Saturday, 27 August 2022 09:37 AM

Did China asked for the Colombo port in return for restructuring the loan?

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Jef Saturday, 27 August 2022 09:50 AM

You simply can't bring things that happened due to past government mismanagement etc things have changed Any how Sri Lanka need to pay the Chinese debt accordingly due to to financial difficulty as a lender must arrange suitable and diplomatic solution to help recovery process progress quickly for the country that need help desperately with present Sri Lankan government..ball in our court not a clever answer specially given the circumstances that country facing

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Sokrates Saturday, 27 August 2022 10:46 AM

One suggestion: Pay China out in full. Also cancel the contracts for the Hambantota Harbor and the Port City and return all money. Where is the money supposed to come from? Simple: sell Port City to western investors and Trinco harbour to India. Sell (Long Lease) Hambantota Harbour and Mattala Airport to the US, who can set up a military base there. All debts to China would then be paid off immediately and Sri Lanka would experience an enormous economic upswing.

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Sen Saturday, 27 August 2022 11:32 AM

This is problem to people of SriLanka, not to its greedy, shortsighted politicians, who were manipulated by Chinese companies and banks by underhand commissions and promises to maintain secrecy,so our politicians want Chinese imports and services rather than SrlLankan,due to above reasons, we SriLankan commoners thinking’Now the ball is in your (Chinese) courts’ if you help us to expose those unscrupulous dealings,we would be able to pay your bill and continue friendship further, but otherwise there would be possibility to public willingness to above Sokrates suggestion,even pill is bitter

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Punchi Saturday, 27 August 2022 12:42 PM

Our politicians keep saying that China is our best buddy. With friends like China who we allowed to lend to us at inflated interest rates, for unproductive vanity projects with inducements to people to borrow, projects which western lenders would have said was unfeasible who needs enemies. We are badly screwed

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Jayadeva Saturday, 27 August 2022 04:05 PM

China was our best buddy 50 years ago when they were cornered by the whole world. That is why they rousing welcomes to our leaders in the 70s when they went to China. But as they became economically viable and globally assertive they changed. China wants to invest here and bring their prisoners and out laws to works here and gradually change our culture by intermarriages etc. sorry I am not racist but purely looking from the country’s point of view. When they lend money unlike World Bank ADB or western Donors they don’t ask how that money is spent. They encourage corruption is a very subtle way. For western countries such money is their tax payers money. Unfortunately some of our people don’t understand this and still think China is a friend. Yes it is a ‘Friend in Greed’ and not a ‘Friend in need’

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Indian Saturday, 27 August 2022 12:47 PM

The debt crisis in SL was wilfully engineered and exacerbated by the international Western dominated financial markets and their rating agencies. Japan has the highest national debt in the world at 234.18% of its GDP, followed by Greece at 181.78% much worse than SL. SL has to be like India, show the head to Russia and the tail to the west like a slippery eel and buy the cheap Russian oil. How India Fights Inflation - "Buying Cheap Russian Oil". "Despite criticism from the West, India is not backing down on its commitment to buying Russian oil. As Brent crude retreats back to near $100 a barrel, foreign policy experts say India’s drive to buy oil will only escalate as inflation concerns take center stage."

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China take on situation likely more accurate Saturday, 27 August 2022 02:54 PM

We played along as India wanted and insisted to get IMF matter settled first. We did get money as loan/credit line from India. However, we did disrespect a major bilateral creditor by ignoring any communication with them. Should have tried to negotiate with them instead of putting all eggs in one basket. Might take longer, but at least creditors know we try. Once again expect the so-called economists and top administrators of CBSL are the cause of this problem. Keeping same old people from within CBSL to higher posts will means same problems forever, as the internal culture within that organisation to genuinely improve our country is clearly does not exist. They just know to peg, fix and otherwise manipulate exchange rate. No experience with real financial matters that takes intellect.

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Jayadeva Saturday, 27 August 2022 03:44 PM

Chinese will not restructure debt because the aim of the debt they provided was to trap us and grab the strategic assets. Debt relief is not in Chinas play book because that is how they trap countries. Look at Cambodia and what they have done to the country. Grabbed and entire city of Sihanoukwille see what they did in Djiboutii, Angola, you name it. Now Vasudeva Wimal and all red comrades must talk to their friends, and ask them why they are doing this to us. Or keep their mouth shut. As some suggested above we must now negotiate with the US Japan and India to lease our ports for long leases with them and pay off China with the debts. No Chinese ships to call on Sri Lankan ports or using our territorial waters. Have a strong diplomatic representation in Beijing and not have a dual citizen there. We must also remember that Chinese have not opened their market for us except for some little exports. Our biggest trading partner is the US in to which we export 3.2 Bn USD annually.

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Rafeek Saturday, 27 August 2022 04:52 PM

The ball in sri lanka is rebouncing benifiting china court that it programed like that.

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Ruwan Saturday, 27 August 2022 04:54 PM

Jayadeva fully agree with you. If you see comments with the word Indian or Jaffna be sure these are chinese bots invading SL . .MR family wealth should be confiscated to settle all the Chines debit.

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Ranjith Sam Sunday, 28 August 2022 10:13 AM

People don't blame China or India. There is a bigger picture behind. A western cartel has brought Sri Lanka to it's knees to keep China away from South Asia . The blame is squarely on our leaders who went after commissions for some 'white elephant ' projects borrowing money from various countries. We are at the bottom cos we have borrowed more than we can chew. Now we are crying foul. None is in prison hospitals! In other countries such leaders are languishing in gaols . Eg Najib ex PM of Malaysia . Our lot through the power of a disposed family is enjoying freedom. We have no justice system. Punishing a man for standing up against a corrupt regime is more important than the looters . Eg ; where is justice against the people who were highlighted by the Australian media . The priority should be establish a special court to hear all allegations on corrupt people. The same way JRJ brought a special court to punish Mrs SWRD. The looted money must return home. God bless Sri Lanka!

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emily Monday, 05 September 2022 12:43 PM

China gave high commision to our greedy politicians to put the ball in our court

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