SL loans were made on consensus: China

2 March 2015 10:48 am - 4 - {{hitsCtrl.values.hits}}

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China's loans to Sri Lanka were made based on consensus through talks between the two countries and at Sri Lanka's request, the Chinese Foreign Ministry said on Monday, after Sri Lanka's foreign minister expressed concern about the loans.

According to the Reuters, Minister Mangala Samaraweera, speaking in Beijing over the weekend, has said Sri Lanka's finance minister would visit Beijing to discuss the roughly $5 billion owed to China.

Chinese Foreign Ministry spokeswoman Hua Chunying said the loans were made on the principle of mutual benefit and would help promote development in Sri Lanka.

"The loans are extended at the request of Sri Lanka and based on consensus through consultations," she told a daily news briefing.

"The loan arrangements are for the whole nation and people and have played a positive role in the economic and social development of Sri Lanka," Hua added.

New Sri Lankan President Maithripala Sirisena has unnerved China with his re-examination of certain projects that China has invested in, including a $1.5 billion (973.14 million pounds) "port city" in the capital Colombo.

India, which lost out to China in infrastructure development in Sri Lanka, was particularly concerned about the security threat posed by Chinese ownership of land, aggravated by the docking of Chinese submarines in Colombo last year.

India had grown increasingly wary of former president Mahinda Rajapaksa's pursuit of closer ties with China, which became a key supporter of the island's economy after its 26-year civil war ended in 2009.

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Comments - 4

Sanath Monday, 02 March 2015 05:44 PM

Sri Lanka will be paying off these high interest loans for generations to come. No thanks to the previous regime who put us in this mess! Take for example, the money spent on the Mattala Airport had been channeled into upgrading Katunayake, we would have had a state of the art airport today.

k.soysa Monday, 02 March 2015 05:53 PM

Mutual benefits?! WHOSE mutual benefits is this woman talking about? Did they not know where exactly the benefits were going and on their side, they are getting a "pearl" for their necklace?

de silva Monday, 02 March 2015 05:56 PM

Chinese government must disclose to the public about the commissions paid to our politicians regarding these loans and where the money was deposited.

SL Monday, 02 March 2015 07:02 PM

we took soo much of loans to build many infrastructures in SL,yet authorities have failed to include at least 50% technical and engineering staff from locals as a must.Majority are Chinese ,No Locally manufactured materials used, all are from china. how can a country develop like this. Sri Lankan gain nothing but debtcommissions speaks !!

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SL loans were made on consensus: China

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