Sri Lanka gets more time to repay BB’s $200m loan

16 April 2023 10:15 pm - 7 - {{hitsCtrl.values.hits}}

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Bangladesh has extended the repayment period of Sri Lanka's $200 million loan it had given by six more months.

Earlier, the Sri Lankan central bank sought time from Bangladesh to make the first installment of the $200 million credit by March this year, hoping that it would be able to restructure its debt by then.

However, the restructuring was not done.

Now, Sri Lanka is seeking six more months and said it would make its first installment by August this year and another installment by September, said Bangladesh Bank Governor Abdur Rouf Talukder while speaking to a group of journalists after a meeting with P Nandalal Weerasinghe, governor of the central bank of Sri Lanka, at the 2023 Spring Meetings of the World Bank Group and the International Monetary Fund (IMF) in Washington on Friday.

The Sri Lankan governor confirmed that it would need no further extension, Talukder said.

When a loan repayment period is extended, it is not free of cost. It adds more interest, he also said.

Sri Lanka, facing its worst economic crisis in history, borrowed the fund in May 2021.

Colombo could not start repaying the loan and announced its external debt default in April of 2022 amid a deepening crisis.

The loan repayment period has been extended thrice.(Tribune Desk)

Comments - 7

Zaza Sunday, 16 April 2023 11:02 PM

From Peter to Paul economy. Our Home-Grown Solutions.

Sam Silva Monday, 17 April 2023 02:10 AM

How pathetic are we when we can't even pay the loan we receive from a poor country.

Ashan Monday, 17 April 2023 10:29 AM

We are a poorer country, as Bangladesh didn't declare bankruptcy. Vipath Maga, as mangala so accurately predicted.

T. Ruth Monday, 17 April 2023 04:53 AM

75 years of ruling with vision. good governance and no corruption. money is in the people’s pockets which is why not in the treasury

gouse Monday, 17 April 2023 10:31 AM

We beg from less fortunate ( Bangladesh our apologies just a word phrase only) and we keep extending not paying..... Bangladesh pls bear with us... Sometimes u might not even get this money .. but we love you... Hugs Sri Lanka

Lankan Lover Monday, 17 April 2023 02:53 PM

We looked down on bangladesh on so many occasions, but they were in a position to offer help to our country, now helping us by extending the repayment period, we still looking down on them, we have to be grateful to this country.

Adwani Tuesday, 18 April 2023 09:12 AM

So BB the Port City if they like to buy to overcome flood in Bangladesh.

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Sri Lanka gets more time to repay BB’s $200m loan

Comments - 7

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