Sri Lanka negotiates another loan from China

12 Jan, 2022

Sri Lanka is negotiating another loan from China as part of attempts to restructure its debt repayment.

Responding to a question posed at a media briefing today, Central Bank Governor Ajith Nivard Cabraal said that the loan amount has not yet been decided.

However, he said the matter is being discussed and Sri Lanka hopes to reach an agreement with China at the earliest.

“There is a possibility that we would have a new loan coming from China in order to cushion the effects of our debt repayments to China itself,” the Governor said.

He emphasised that the new loan will be sought to cushion debt repayments to China.

The Governor also said that Sri Lanka is negotiating a USD 1 billion facility with India to import goods from India.

Cabraal said that this will also help Sri Lanka in its debt repayment and promote more trade with the respective countries. (Colombo Gazette)

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