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Last Updated : 2024-05-11 03:39:00
24 February 2023 02:35 pm - 6 - {{hitsCtrl.values.hits}}
EXIM Bank of China (Export-Import Bank) submitted a comprehensive program in its financial support document on January 19 to ‘strongly support’ Sri Lanka’s debt restructuring process with the International Monetary Fund (IMF) and it includes short, mid and long-term measures for debt treatment, a diplomatic source from the Chinese embassy said.
Sri Lanka is seeking the support of all the creditors to unlock the US $ 2.9 billion program with the IMF in four years.
According to the source, it is not just a two -year moratorium on debt repayments. “The two-year moratorium on borrowings is only part of the support to help relieve Sri Lanka’s immediate debt repayment pressure,” the source said.
“The Bank would like to have friendly consultation with Sri Lanka regarding medium and long term debt treatment in this window period; and the Bank will make best efforts to contribute to the debt sustainability and the future development of Sri Lanka. Only the short term measure is talked about in the media. It is incomplete and inaccurate,” the source said.
China calls on commercial creditors including the ISB holders to provide debt treatment in an equally comparable manner, and encourage multilateral creditors to do their utmost to make corresponding contributions.
“We also call on the IMF to take into full consideration the urgency of the situation in Sri Lanka and provide loan support as soon as possible to relieve the country’s liquidity strain,” the source said.
EXIM Bank works as the official bilateral creditor representative of China in dealing with the IMF.
Sri Lanka owes US $ 7.4 billion to EXIM Bank and China Development Bank according to the Ministry of Finance.(Kelum Bandara)
Know All Friday, 24 February 2023 05:03 PM
China calls on others to give big relief while they offer only a pittance.
John Black Friday, 24 February 2023 05:56 PM
These morons think that we are idiots. They are talking about something that has not been discussed. Their ultimate goal is to try and take over land assets of this country. The masses must get together and chase them out of the country.
Shelly Friday, 24 February 2023 05:57 PM
Short and long term "measures" for debt "treatment". What kind of verbiage is this to hoodwink the Sri Lankan taxpayers? These are more loans. GoSL needs to hire an internationally reputed financial firm or get educated ministers to read the fine print and not get into more loan tranps.
Uncle Paradise Friday, 24 February 2023 08:48 PM
Ok, so what are the measures being offered? Any talk about it if we don't know about it
Teriene de Zilva Friday, 24 February 2023 09:21 PM
This is no win nor advantage to the Sri Lankan people nor the future of Sri Lanka as a Nation it is purely the CUP agenda to get it's claws into yet another nation as a way of TAKING OVER the nation and its assets. It's already been done to financially struggling African States. Or hasn't anyone been following the Chinese governments take over policies following non payment from governments who foolishly took their money? WE THE PEOPLE and Sri Lanka are not for sale to a corrupt Communist dictatorship and Tamil Wickremasinghe is NOT AUTHORISED to SELL THIS NATION
Good relationship! Saturday, 25 February 2023 05:03 AM
Now that Gota is on Chinese soil, may be he can bring some measure of relief to Lanka; This is one country in good terms with Gota.
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