Govt. claims unaware of $ 2.5 b CPC loan

Wednesday, 29 September 2021 00:18 - - {{hitsCtrl.values.hits}}

The Government yesterday claimed it was unaware of the Ceylon Petroleum Corporation’s (CPC) $ 2.5 billion loan, which the latter had reportedly negotiated with some foreign parties following unsolicited offers.

“It has not been officially informed,” Co-Cabinet Spokesman and Plantation Industries Minister Dr. Ramesh Pathirana said in response to a question from a journalist at the weekly post-Cabinet meeting media briefing yesterday.

Newspaper reports said that the Cabinet-appointed Procurement Committee studied the proposals and a decision was made to further negotiate the terms on obtaining the loans.

As per these reports, offers have been made to obtain loans from US and European insurance and pension funds.

The State-run CPC is indebted to the tune of $ 2 billion to two State banks, and over $ 1 billion in suppliers’ credits.

Opposition MP Dr. Harsha de Silva told Parliament recently that he had questioned the Treasury Secretary regarding the planned CPC loans during a parliamentary committee oversight meeting.

Dr. de Silva said he was told that the committee was appointed to negotiate after several proposals came to his desk.

Dr. Pathirana also ruled out a fuel shortage, assuring there was sufficient stock, and that public panic and speculation were unnecessary.

“The Government has made allocations for fuel imports. There is no shortage of fuel in the country,” he stressed.

The Minister said the Government was hopeful of foreign exchange inflows in the fourth quarter with the influx of tourists in this winter season.

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