Cabinet nod for H'tota Port debt to equity swap

9 November 2016 08:33 am - 9     - {{hitsCtrl.values.hits}}

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The Government is all set to sign an agreement with the China Merchants Port Holding Company Limited on January 8 next year to transfer the Hambantota Port on a debt to equity swap.

The date has been selected to coincide with the second anniversary of President Maithripala Sirisena assuming office. The Cabinet discussed the matter at length yesterday.

The debt to equity swap will be carried out as part of the Government’s move to reduce its foreign debt burden. Under the proposed plan, the government was hoping to raise some US$1 billion as equity from the Port and the Mattala Airport.

The previous government burrowed US$1,328 million from China for the port project. The company has expressed interest in acquiring 80 per cent of assets of the port by paying US$1.08 billion as their portion of the equity payable in instalments

The first instalment amounting to 10 per cent will be paid within a month after signing the agreement, the second installment amounting to 30 per cent within three months and the rest within six months.

President Maitripala Sirisena has also endorsed the proposal. Prime Minister Ranil Wickremesinghe Ranil Wickremesinghe briefed the Cabinet on the proposed plan worked out by the Cabinet sub-committee on Economic Management. (Kelum Bandara)

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  Comments - 9

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  • ara Wednesday, 09 November 2016 06:24 PM

    JO stop this

    Nethra Wednesday, 09 November 2016 10:48 AM

    China is always with us and one of our very reliable and trustworthy neighbors.So great China Hats off.!

    la Wednesday, 09 November 2016 11:59 AM

    Better sell the whole country and settle all the debts.

    Citizen Thursday, 10 November 2016 02:35 PM

    This country belongs to all Sri Lankans. Port is an asset not a liability. 80% means privatizing. DONT SELL OUR COUNTRY. Where is the sovereignty the yahapalanaya speaking of Where is the election manifesto of the Yahapalanaya Already the people are really suffering. Poverty and malnutrition are all over and the politicians are living kingly lives. Curse be this government too. via DM Android App

    Henry Wednesday, 09 November 2016 02:22 PM

    Definitely yes within the next few years from the way we are moving now!

    ara Wednesday, 09 November 2016 03:53 PM

    80% is privatising, dont do this, port is an asset

    MW Wednesday, 09 November 2016 04:24 PM

    Port has started to make profits. this is what india , Singapore wanted to do with these puppets

    Kaboos Wednesday, 09 November 2016 08:59 AM

    at last some consolations

    Chandila Fernando Wednesday, 09 November 2016 09:01 AM

    Hi


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