India likely to agree to PM’s request

13 February 2020 04:27 am - 13     - {{hitsCtrl.values.hits}}

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India is likely to respond positively to the request by Prime Minister Mahinda Rajapaksa to grant a moratorium for the repayment of loans obtained, Daily Mirror learns.

The Prime Minister made this request during his bilateral talks with Indian Prime Minister Narendra Modi in New Delhi last week.

The Indian government can respond to it after obtaining Cabinet approval only. Sri Lanka’s outstanding loan component from India including interest is US$ 962 million. Debt service payment due for this year with interest is US$ 169.7 million.

Sri Lanka will have to settle US$ 182 million in 2021 and US$ 168 million in 2022.

Sri Lanka has made the largest borrowing of US$ 5.2 billion from China. Payment scheduled for this year is US$ 674.4 million.

India has offered Sri Lanka US$ 400 million Line of Credit. (Kelum Bandara)

  Comments - 13

  • Roshan Thursday, 13 February 2020 06:34 AM

    We have resorted to begging because the present gov can't manage the economy.

    Mora Thursday, 13 February 2020 07:40 AM

    During the moratorium we can go to town!!!

    Ranga Thursday, 13 February 2020 07:41 AM

    What is the Catch? For sure India will say yes,we will grant a moratorium for the repayment of loans obtained ,you have to meet the"ASPIRATION""of Tamils. Then what?

    Sumantha Thursday, 13 February 2020 07:47 AM

    So Sri Lanka is drowning in debt. Who is responsible for all of these. We know it very well. Rajapaksa regime's lavish spending from 2005 to 2015.

    TONY Thursday, 13 February 2020 08:19 AM

    YOU BROUGHT SHAME TO MOTHER SRI LANKA BUT NOTHING ELSE. YOU HAVE TO SING "I AM A BEGGER BOY" SONG NOW.

    ANTON Thursday, 13 February 2020 08:25 AM

    SELL ALL THE LUXURY VEHICLES GIVEN TO ALL THE MINISTERS AND MINITRIES, WE CAN SETTLE THIS LOAN IN ONE DAY !!!!!!!.

    parakum Thursday, 13 February 2020 08:48 AM

    MARA took the CHILIE POWDER man to coerce MODI to agree for the demand. What a entourage that was?

    La La Land Living On Debt Forever Thursday, 13 February 2020 09:13 AM

    Moratorium = A legal authorization to debtors to postpone payment.

    Wheel Barrow Thursday, 13 February 2020 09:17 AM

    DM doesn’t do spell checks and you consider yourselves the premiere Srilankan news paper in English? Quote: Sri Lanka has made the largest burrowing of US$ 5.2 billion from China. What is burrowing as opposed to borrowing?

    Sando Thursday, 13 February 2020 02:53 PM

    Paying for the mismanagement between 2015-19.

    Rama Kandasamy Thursday, 13 February 2020 03:16 PM

    Moratorium will end up in the Mortuary

    CHULANI Thursday, 13 February 2020 10:42 PM

    negative comments from typical Sinhalese....who have already forgotten that it was the MR regime that defeated 30 years of LTTE terror - brought PEACE to Sri Lanka... late Praba said ---"Sinhalese forget in a week"

    Sena Friday, 14 February 2020 01:56 AM

    Borrow, ask for morratorium, then ask for a forgiveness. That's why India is counted as a Relative. Those other countries are friends and will have to be repaid otherwise those commission holdbacks .........


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