SL seeks $1 b loan from China amid debt woes

Monday, 4 February 2019 00:09 - - {{hitsCtrl.values.hits}}

AP: Sri Lanka is negotiating a $ 1 billion loan from China to construct a highway linking the capital Colombo to the hilly resort city of Kandy, even as the heavily-indebted South Asian island nation makes arrangements to pay down $ 5.9 billion in foreign loans this year.

Finance Ministry Spokesman M.R. Hasan said Saturday that he’s waiting to hear whether terms of the loan for the highway project have been approved.

A large chunk of Sri Lanka’s foreign debt is from China, which sees Sri Lanka as a key link in its transcontinental Belt and Road infrastructure initiative.

President Maithripala Sirisena’s Government had criticised the previous administration of strongman Mahinda Rajapaksa for leading the country into a Chinese debt trap. However, the Government has turned to China to help relieve economic pressures.

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.