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New Chinese loan in the works

12 Jan 2022

 
  • Cabraal says SL has ‘good’ understanding with China
  • Paints rosy picture for 2022; assures of meeting debt repayments
  BY Shenal Fernando The Sri Lankan Government is in negotiations with China to obtain a loan to cushion the effect of the existing debt repayments to China, stated Central Bank of Sri Lanka (CBSL) Governor Ajith Nivard Cabraal yesterday (12) at a government press conference, reassuring once again that Sri Lanka will meet its foreign obligations as they come due. Cabraal added that Sri Lanka has a very good understanding with China about its debt and repayment, as well as investments, but refused to disclose any further details on this possible Chinese loan. Speaking at this event, Cabraal stated that from the $ 6.9 billion in foreign debt due in 2022, only $ 1.5 billion involves external payment in respect of International Sovereign Bonds (ISBs), whereas around $ 2.5 billion of the debt was sourced locally – which he claimed can therefore be rolled over – reducing the risk significantly. Furthermore, with regard to payments owed to multilateral agencies, he noted that an equivalent amount is anticipated to be received from such multilateral agencies during 2022. Read full story on The Morning Business page 9

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