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Treasury Secretary S. R. Attygall[/caption]
Out of the $ 700 million loan Sri Lanka requested from the China Development Bank (CDB) last year, $ 500 million is expected to be provided to the country as a dollar credit this month, The Sunday Morning Business exclusively learns.
Speaking to us, Treasury Secretary S. R. Attygalle said that the remaining 200 million is renminbi denominated credit and would be issued to the country during Sri Lankan President Gotabaya Rajapaksa’s upcoming visit to China.
Last month, the People’s Bank of China approved a swap facility of $ 1.5 billion to the Central Bank of Sri Lanka. This agreement signed between the Central Bank of Sri Lanka and the People's Bank of China is valid for three years and the deal was made in a period when Sri Lanka was struggling with the Covid-19 pandemic.
The swap facility, as confirmed by the Central Bank, was in Chinese currency and this faced wide criticism from local economists and the Opposition as Sri Lanka could only settle Sri Lanka’s imports from China using this particular swap as most of Sri Lanka’s external invoices are in US dollars.
On the other hand, Sri Lanka is still liable to repay nearly $ 4.5 billion in foreign debts annually until 2025. The Ministry of Finance made a firm statement, highlighting that the Central Bank and the Ministry are planning on meeting the country’s debt obligations through foreign inflows, export income, and taxes; and clearly mentioned that Sri Lanka will not be accessing the International Monetary Fund.
Speaking at the third Monetary Policy 2021, Central Bank Governor Prof. D.W. Lakshman said that Sri Lanka in an attempt to create contingency for the foreign reserves will obtain a loan from China Development Bank.
In 2020, Chinese imports to Sri Lanka amounted to $ 3.6 billion, which contributed to approximately 22% of Sri Lanka's imports. Sri Lanka plays a vital role in China’s “Belt and Road” global infrastructure-building initiative and has provided billions of dollars in loans for Sri Lankan projects over the past decade. The projects include a seaport, airport, port-city, highways, and power stations.
Sri Lanka leased a Chinese-built port near busy shipping routes to a Chinese company for 99 years to recover from the burden of repaying the Chinese loan the country received to build it, in 2017.
China has further agreed to provide a $ 989 million loan to Sri Lanka to build an expressway that will connect its tea-growing central region to the Chinese-run seaport, which is part of Beijing's plan for a line of ports stretching from Chinese waters to the Persian Gulf.