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Sri Lanka is negotiating a $1 billion loan from China to construct a
highway linking the capital Colombo to the hilly resort city of Kandy,
even as the heavily-indebted South Asian island nation makes
arrangements to pay down $5.9 billion in foreign loans this year.
Finance Ministry spokesman M.R. Hasan said Saturday that he’s waiting to hear whether terms of the loan for the highway project have been approved.
A large chunk of Sri Lanka’s foreign debt is from China, which sees Sri Lanka as a key link in its transcontinental Belt and Road infrastructure initiative.
President Maithripala Sirisena’s government had criticized the previous administration of strongman Mahinda Rajapaksa for leading the country into a Chinese debt trap. However, the government has turned to China to help relieve economic pressures. https://www.geezgo.com/sps/53436
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Finance Ministry spokesman M.R. Hasan said Saturday that he’s waiting to hear whether terms of the loan for the highway project have been approved.
A large chunk of Sri Lanka’s foreign debt is from China, which sees Sri Lanka as a key link in its transcontinental Belt and Road infrastructure initiative.
President Maithripala Sirisena’s government had criticized the previous administration of strongman Mahinda Rajapaksa for leading the country into a Chinese debt trap. However, the government has turned to China to help relieve economic pressures. https://www.geezgo.com/sps/53436
Join Geezgo for free. Use Geezgo's end-to-end encrypted Chat with your Closenets (friends, relatives, colleague etc) in personalized ways.>>
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