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LRT Project: Japanese embassy says Project loans depend on debt restructuring

3 June 2023 08:06 am - 36     - {{hitsCtrl.values.hits}}

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In response to a query about the restart of the Japan-financed Light Rail Transit (LRT) project, the Japanese embassy in Colombo said the resumption of loan projects and the launch of a new loan project will depend on the progress of the debt restructuring process.

The Sri Lankan Cabinet gave approval this week to proceed with the resumption of the US $ 2.2 billion LRT project to be financed by Japan International Cooperation Agency (JICA).

The line is to be constructed linking Malambe with Colombo Fort. The project was launched during the time of the previous Yahapalana government. However, in September, 2020, the Gotabaya Rajapaksa government scrapped the project.

During the recent visit to Japan, President Ranil Wickremesinghe sought to resume the project.

Responding to a query posed by Daily Mirror in this regard, the Japanese embassy said it is important for Sri Lanka to proceed with the debt restructuring process with all the creditors in a transparent, equal manner.

The embassy said Japan will see how to resume loan projects and start new loan projects while keeping an eye on the debt restructuring process. (Kelum Bandara)


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  Comments - 36

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  • Reformist Saturday, 03 June 2023 08:29 AM

    Japan is a very good country governed by skilled, smart and non corrupt politicians and public servants. Equivalent SL guys are no match to those. Japan is not stupid either. They will not come to help SL knowing very well what a country SL is.

    sam Saturday, 03 June 2023 08:58 AM

    When it was a grant the govt refused

    Jonathan Saturday, 03 June 2023 10:36 AM

    This was never a grant.

    A taxpayer in Japan Saturday, 03 June 2023 09:09 AM

    Loans and other kinds of aid come from Japanese tax payers. Sri Lankan government is one of the most corrupt in the world and the complaint made by the Japanese ambassador in Colombo regarding a notorious minister is very well known. Japan should insist on very strict anti-corruption laws and transparency if it is going to restart economic aid to Sri Lanka.

    William Saturday, 03 June 2023 09:18 AM

    This Cabinet will blindly consent and approve simply anything and everything. Then start to find scapegoats. The Japanese government is miles ahead of ours.

    sakura Saturday, 03 June 2023 09:22 AM

    Loan is the 1st most important word in Sri Lanka's dictionary! Repayment is not available!!!!! Japan you can give now!!!

    Nada Saturday, 03 June 2023 09:34 AM

    RW is trying to embarrass Japan by asking something that cannot be done due to debt issues

    Lion Saturday, 03 June 2023 09:34 AM

    Man was in Japan showing us a rosy picture but ground realities are quite different to what he projected to the nation. For the last 45 years he did this to this country resulting him being chased away from the parliament now for our ill luck the man is sitting in the top chair without any mandate from the people.

    While no freedoms nothing good came happen here Saturday, 03 June 2023 09:43 AM

    There is next to freedom of expression here. Anyone who tries to speak up about corruption is squashed.

    Japan not falling for Ranil cunning sweet talk Saturday, 03 June 2023 09:45 AM

    Ranil is like an amorous suitor, willing to say anything to try get the good/money. Unlike Sri Lanka, Japan's culture has many examples of such devious cunning, and untrustworthy types, using any means to try get money or good. 10 tours of Lotus Tower will not move the Japanese to waste their tax payers money on the Lankan President's follies.

    Rishan Saturday, 03 June 2023 09:55 AM

    JAICA Pls involve with costing and built like you did the peliyagoda new High way entrance....

    Punchi Saturday, 03 June 2023 09:59 AM

    Debt restructuring is unlikely to happen and the LRT project is unlikely to happen unless the Japanese whose state debt is around 133% of GDP are going to give us more loans that we cannot or will not repay

    Sunil Saturday, 03 June 2023 11:33 AM

    See how Rajapaksha's destroyed our economy when commissions denied.

    Mahesh Saturday, 03 June 2023 02:06 PM

    Japan is an honest partner without any hidden future plans

    UMAS ALI Saturday, 03 June 2023 02:27 PM

    japan is very good friend of sri-lanka please refuse any loans until the economic criminals are put in jail economic criminals are very active in sri-lanka . our children are fainting at school. yet the parliment ministers are getting FATTER AND FATTER EVERY DAY please look at the size of them

    Doiplomat Saturday, 03 June 2023 02:39 PM

    Isn't this a diplomatic refusal of the request. When the minister they complained for corruption is still 8n the front row, they must be stupid to even consider such a request.

    Joseph de Silva Saturday, 03 June 2023 03:33 PM

    Forget about politics.Sadly there are selfish individuals who don't want to see the much valuable LRT projects that is so important for the poor Sri Lanka. They don't wish to see the resumption of LRT project because they hate Ranil. Probably some of them were behind the cancellation mooted Gota and Gunaruwan.

    L Gunasekera Saturday, 03 June 2023 04:41 PM

    We are addicted to get loans.For Sri Lankans , dept restructuring is begging for new loan from some where somehow. Japanese are too smart . Please forget LRT and keep repairing your old bicycle.

    Fred Saturday, 03 June 2023 06:16 PM

    How about developing another important line passing through Nugegoda to Avissawella carries a lot of traffic but neglected

    Mahila Sunday, 04 June 2023 12:39 AM

    How to develop KV line passing Nugegoda, Homagama to Avissawella as “Railway Reservation Land”, has been encroached – villagers and others, aided by PROGRESSIVE politicians (ENSURE RE-ELECTABILITY WITH FALSE PATRIOTISM) of all shades!!!??? Requisitioning of which is near impossibility w/o REVOLUTION, would cost SL Government BILLIONS IN COMPENSATION!!!?? Cannot afford as government is broke due NO REVENUE as NO PERSONAL TAX AND COMPANY TAX – thanks to R. Bros., Inc.!!!!?? How to develop w/o MONEY??? R. Bros., Inc. knows the secret – Borrowing and pilfering!! Therefore won’t happen, even if occupants are willing to vacate with compensation!!!?? That's why LRT was mooted and the "MEE HARAKS" elected by 6.9 million didn’t realise!!!??

    Mahila Sunday, 04 June 2023 12:39 AM

    How to develop KV line passing Nugegoda, Homagama to Avissawella as “Railway Reservation Land”, has been encroached – villagers and others, aided by PROGRESSIVE politicians (ENSURE RE-ELECTABILITY WITH FALSE PATRIOTISM) of all shades!!!??? Requisitioning of which is near impossibility w/o REVOLUTION, would cost SL Government BILLIONS IN COMPENSATION!!!?? Cannot afford as government is broke due NO REVENUE as NO PERSONAL TAX AND COMPANY TAX – thanks to R. Bros., Inc.!!!!?? How to develop w/o MONEY??? R. Bros., Inc. knows the secret – Borrowing and pilfering!! Therefore won’t happen, even if occupants are willing to vacate with compensation!!!?? That's why LRT was mooted and the "MEE HARAKS" elected by 6.9 million didn’t realise!!!??

    Sam Silva Saturday, 03 June 2023 06:51 PM

    People are suffering with acute shortage of medicine and high cost of living. We owe already over $ 52 billion and keeps on adding while we speak. Is this a burning issue we have currently

    Buddhist Saturday, 03 June 2023 10:14 PM

    In order to spite the Japanese on this project Chinese will not agree to a debt discount.

    Zaza Sunday, 04 June 2023 12:05 AM

    He brags from Japan and Paris, which is of no consequence. Who Damned the Country, Rajapaksa, Gotha, Sirisena, and Ranil. How did they damn the nation? By using the absolute power of the Presidential System. The System gave them the power, and that power damned and doomed us all. Think! Think!! let us get rid of this killer System. Ranil came from the cold, entered through the back door, occupied the front seat, and Lord of the Ring now. How come Dhammika Perera is a member of Parliament? What a Comedy, what a mockery of the Electoral System.

    UMAS ALIBABA Sunday, 04 June 2023 01:01 AM

    WE CANNOT PAY ANY LOANS BECAUSE ME BASIL RAJAPAKSA IS TAKING OUR STOLEN MONEY TO AMERICA THROUGH THE VIP LOUNGE best to close the vip lounge

    Called me anti national Sunday, 04 June 2023 04:18 AM

    It requires mental restructuring, majority of them will be ready to believe when GB2 comes and say that we have common enemy we want to safeguard the Buddhism. Then we can sacrifice what ever including our country. Until our mental restructuring no restructuring will work

    Gimmicks Sunday, 04 June 2023 04:26 AM

    LRT runs on electricity and needs tons of power to run the rail and it’s accompanying infrastructure.

    Ceylonese Sunday, 04 June 2023 04:42 AM

    While many countries are dismantling their LRT system because it is considered an eyesore and a traffic hazard and resorting to more modern system of passenger transport systems we are blindly trying to covert into LRT and will eventually end up as a junkyard

    M.Corea Sunday, 04 June 2023 04:59 AM

    Japan should not grant any facility without accountabilty, starting with the removal of the corrupt minister of transport and aviation. Whenever there is A grant , loan or credit facility SL is at the forefront.Shameless politicians headed by RW.

    Demuni de Silva Sunday, 04 June 2023 04:59 AM

    Qualities required before the world has not been fulfilled by the rulers !

    S.Sivs Sunday, 04 June 2023 06:03 AM

    Japanese business projects are based on sensible business outcomes. In the end the project must generate sufficient revenue to fund itself.The Japanese re engaging themselves in the project and starting to work on it will be a proper indication of reasonable finance management and return of some form of discipline to the country

    Jeevendra Pathirage Sunday, 04 June 2023 11:43 AM

    1)The embassy said "Japan will see how to resume loan projects and start new loan projects while keeping an eye on the debt restructuring process" 2)In response to a query about the restart of the Japan-financed Light Rail Transit (LRT) project, the Japanese embassy in Colombo said the resumption of loan projects and "the launch of a new loan project will depend on the progress of the debt restructuring process" Little bit confusing Statement 1 and 2 in the samr news article Please carify

    Citizen Sunday, 04 June 2023 03:53 PM

    Japan is (was) a very close friend and ally of Sri Lanka and thiey have done so much for us, and now thanks to our Alibabas, we are loosing them also.

    Suresh Monday, 05 June 2023 07:40 AM

    You can't fool Japan all the time. They won't forget the humiliation suffered when SL canceled the earlier grant for no reason If RW believes that Japan has forgotten it and has forgiven SL, he is his own dream world. They are too polite to RW that SL will not get anything from Japan for the next fifty years.

    Mahila Wednesday, 07 June 2023 02:46 AM

    Until R. Bros., Inc. goes totally extinct- current and next generation!!!?? Totally on the money 3 generations to absolutely forget the Taste!! I mean the BAD one!!??

    Mahila Wednesday, 07 June 2023 04:31 AM

    Suresh, The Japs are very upright and self -effacing People, strong and determined to the 'Core' and importantly very SENSITIVE!!?? They wouldn't let ignominy of cancelling an order even for 1 forklift truck, let alone USD 1.35 Billion in this instance!!? The buffoons they are - R. Bros., Inc. and their Acolytes calling themselves 'Viyathmaga' - uninitiated in worldly matters thought this was another western country devoid of culture and civilisation, Californians – that’s what they are??? SADLY A VERY GRAVE MISTAKE!!!??? Poor commuters Greater Colombo suffer, next 25 years atleast, and if are lucky someone else, steps-in with near commercial lending – NO GRACE PERIOD (10 years), commence repayment, NO FOR ¼% low interest (JAICA Loan) and dump an untested LRT system!?? JAICA, funded JAYA seaport and BIA New Terminal!!?? BEST EQUPMENT, FINISH!!??


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