USD121 Mn from first tranche of IMF loan received to SL, paid to India

24 March 2023 06:32 pm Views - {{hitsCtrl.values.hits}} 18 Bookmark

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State Minister of Finance Ranjith Siyambalapitiya says that 121 million US dollars out of 333 million US dollars, the first tranche that was extended to Sri Lanka by the IMF, was used to pay the installment of the Indian credit line.

He said the relevant installment of 121 million US dollars was paid yesterday.

" Usually the loans given by the International Monetary Fund are credited to the Central Bank account. But this time, the relevant loan amount has been credited to the account by the Treasury Deputy Secretary. Therefore it can be used for debt stabilization," he said.

On March 20, the IMF Board approved a 48-month extended arrangement under the Extended Fund Facility (EFF) of SDR 2.286 billion (about US$3 billion) to support Sri Lanka’s economic policies and reforms.(Darshana Sanjeewa Balasuriya)

Comments - 18

Kanchana Mudalige Friday, 24 March 2023 06:44 PM

The first thing that comes out of my mind is how much money is being wasted

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A Friday, 24 March 2023 06:47 PM

Aiyo before even it came it went.

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India loans worse than borrowing from China Friday, 24 March 2023 06:50 PM

Indian loans are costing us too much. All this friendliness of India a lie. China provide relief of 2 years of no need to repay, but India provided nothing like that, and wants immediate payments. India is not brother, but just deceitful all similes debt collector.

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Wasteful buying of vehciles with Indian loan Friday, 24 March 2023 08:03 PM

A lot of recent Indian Credit line used for 'Public Security' vehicles to catch drug peddlers. Knowing the short time frame for payback that seems utter waste. There is plenty of army who are not useful for anything but police work now, and plenty of military vehicles could be repurposed for police instead of the insane use of Indian Credit line/loan like that.

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Citizen Perera Friday, 24 March 2023 08:17 PM

Excellent, graphic illustration of (1) SL living beyond its means continously, (2) if you borrow from Peter to pay Paul, you will still have to end up paying Peter eventually.

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Citizen Friday, 24 March 2023 08:42 PM

As far as loan taken to pay another loan is going to worsen the country economy. Unless the loan taken for profitable projects and pay back the loan from the income of the project. For which smart and intelligent politicians required. Which is lacking in Sri Lanka.

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Make public details of Indian credit line Friday, 24 March 2023 09:30 PM

A lot of the IMF loan is being used to pay back the recently after bankruptcy gotten Indian credit line loan. The details of that loan were never made public, like the interest rate for it, and the time frame for it. Seems like India were desperate for the IMF loan so they can get paid back for their own Indian credit line loan. Could the Indian credit line loan be the worst ever loan we have got?

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Jayantha Friday, 24 March 2023 10:17 PM

India supplied us essential fuel under a line if credit when we could not get it from anybody else. Yes, no one else. China backed off and played hard ball. It is because of that the economy slowly started to grind back . Yes it was under a line of credit not a grant. If we did not receive it where would we have been. What short memories we have.

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Tissa Fernando Friday, 24 March 2023 10:23 PM

From the beginning it was clear, Indians were interested in their welfare , they used our situation to maximise their grip on us, they bought cheap oil from Russia and sold us on credit at 200% margin. They also push their lorry busses and bulky trains which are fuel inefficient onto us. So we basically pay them gor everything, now even the eggs. They have contractors appointed to stage protests and strikes so that we have no option but depend on them.

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Quolp Friday, 24 March 2023 11:58 PM

More than India, to Chinese government should be paid back tranche of millions as the Chinese govervnment gave more 10 billions of US dollars for Sri Lanka, that is JUSTICE.

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Nimal Saturday, 25 March 2023 02:37 AM

Take loan to pay debts . Srilanka doing well.

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Tinpot President Saturday, 25 March 2023 04:39 AM

And the rest will be spent on upgrading the ministerial fleet of vehicles. We can forget about the next tranche.

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Gon ranil Saturday, 25 March 2023 04:41 AM

Might as well hand over the money to the rajapaksas. They will spend it building a IMF tower.

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Thiruvengadam Ramakrishnan Saturday, 25 March 2023 11:45 AM

IMF’s approval of Sri Lanka’s loan augers well for her economic recovery and prosperity. President Ranil Wickramesinghe’s leadership is probably the crucial factor! Hopefully, his efforts to bridge the ethnic communities and share power would also succeed and a stable Nation-State would evolve! It is unfortunate to see some anti-India sentiments! India and SL share blood, culture and history. As a regional economic-strategic behemoth and member of ‘Quad’, SL would benefit by India’s friendship. Trade and friendship with China could co-exist! Indeed, U.S. and India are China’s important trading partners!

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Hemantha Saturday, 25 March 2023 01:44 PM

The Chinese debt was for inflated transactions which they were complicit in. It is not how much they lent, but their intent and schemes. China helped us build roads at may be the highest cost in the world per kilometre by far.

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Vadivelu Yogaratnam Saturday, 25 March 2023 03:30 PM

In the end nothing will be left after settling all debts.

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Lanka Shantha Saturday, 25 March 2023 08:38 PM

It is better to pay our Indian Debit than donating to our Buruwas in the House.

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geetanjali Sunday, 26 March 2023 08:30 AM

From people reaction it seems it is a sin to pay back the loan you got from other countries !!

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