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Tags: AS | Sri Lanka | China Loan

Sri Lanka Seeks $1 Billion Loan from China amid Debt Woes

Saturday, 02 February 2019 02:37 AM

COLOMBO, Sri Lanka (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 criticized 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.

© Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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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...
AS,Sri Lanka,China Loan
134
2019-37-02
Saturday, 02 February 2019 02:37 AM
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