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Last Updated : 2024-05-10 01:01:00
19 August 2023 06:35 am - 8 - {{hitsCtrl.values.hits}}
In rescheduling Sri Lanka’s external debts, China, as the single largest bilateral creditor, is likely to have its own ‘debt management’ criterion for Sri Lanka instead of having a common mechanism with other creditors, a top source said.
Sri Lanka is currently in the process of restructuring its debts in keeping with programme with the International Monetary Fund (IMF). India, France and Japan have formed a common platform to restructure Sri Lanka’s debts. China has also taken observer status.
Finance Ministry Secretary Mahinda Siriwardane visited Beijing recently and held talks with the authorities of EXIM Bank which is authorized to engage with Sri Lanka regarding the debt restructuring process. Before him, Foreign Minister Ali Sabry also held talks with the EXIM bank and other Chinese officials.
Also, the President’s Office is in liaison with the Chinese authorities on the process.
“China does not want to call it debt restructuring even. They want to see it as debt management,” the source said. The source said China is anyway sympathetic to Sri Lanka’s cause and ready to support in the exercise.
However, other creditor nations insist on equitable approach with all in the whole rescheduling process. Sri Lanka owes Chinese lenders $7.4 billion. (Kelum Bandara)
Diana Saturday, 19 August 2023 07:17 AM
OK. Yeah. They have their own agenda to loot whatever is left in the country..
Ruwan Saturday, 19 August 2023 10:20 AM
For those who think that China is a friend whi assisted Sri Lanka much in a so called 'development drive' need to think again. China's strategy in assisting and aiding so many unviable project and at non-concessionary funding terms was debt entrapment. We can see it at play very clearly now. No government should yield to China's approaches for any further financing offers. Any investment proposals brought forward by them should be reviewed with extreme skepticism. The bottom line is that China is no genuine friend of Sri Lanka. They are merely strategic opportunists on vulnerable nations In Sri Lanka's case the one belt road and proximity to India are added interests to them. Let's see how this debt ends, and it will reconfirm China's their cunning tactics.
Mahesh Saturday, 19 August 2023 11:10 AM
My question is why we borrowed from China in the 1st place when all other nations warned SL of such dangers . Can we list under which past SL presidents who borrowed this $7.4bn?
nadarajah Saturday, 19 August 2023 11:28 AM
I am not a fan of China but a creditor has the right to handle the debt restructure the way he /she thinks is the best approach
Beggar Saturday, 19 August 2023 11:31 AM
The PM , Foreign Minister , Finance Ministry Secretary are making tours to China during the last fortnight. Nothing positive for Srl Lanka ! Hope China will decide to Write -Off at least part of the Debts if not all !
noname Saturday, 19 August 2023 02:11 PM
Sri Lanka should pay its debts in full. Debt restructuring is irresponsible economics. Everyone from farmers to county as a whole must learn to borrow only what we can payback and payback every cent that we have borrowed. Even now these stupid politicians are leading the country astray by campaigning for debt restructuring instead of restructuring the economy to reduce waste at all levels, increase exports and promote agriculture and industries. It’s reasonable and appropriate to ask for more time to pay the loans but it is unnecessary and unwise to ask that they be forgiven in the same manner loans extended from state banks are forgiven for political expediency. If this is China’s position then no one can blame them. No one should. There is no free lunch in this world. Those promoting debt restructuring are trying to get their paws into this country. The local politicians promote it for considering their IQ and priorities they can think of no other way out of the quagmire.
ANNECUNT Saturday, 19 August 2023 04:26 PM
wait till namal becomes president ,we will be begging on streets
Kps Saturday, 19 August 2023 04:34 PM
I bet Ali Sabry knows what happened to $7.4 Billion and how much actually used in Srilanka and how much went to Rajapaksa accounts.
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