INSUBCONTINENT EXCLUSIVE:
recently as last week from authorities in China that arrangements for loans and credit lines were progressing.Sri Lanka is looking to borrow
US$1 billion from Beijing so that it can repay existing Chinese loans due in July, as well as a US$1.5 billion credit line to purchase goods
that it could be a matter of weeks
consumer prices rose the fastest in Asia at about 19 per cent last month.Soaring costs, widespread power outages, and shortages of food and
medicine have fuelled street protests and left President Gotabaya Rajapaksa with a minority in parliament.Beijing has long enjoyed warm
relations with Colombo but has yet to deliver a much needed lifeline to Sri Lanka.Mr Rajapaksa had recently written to Chinese President Xi
Jinping directly to seek credit support, Dr Kohana said, and Sri Lanka officials are still encouraging Beijing to address the issue as soon
He said he was unsure whether China could provide such support, given that it is a net importer of such goods.Separately, Sri Lankan
officials will meet with counterparts from the International Monetary Fund later this week to iron out details of a potential financial
package to help it meet US$8.6 billion worth of debt payment due this year.Dr Kohana said he was hopeful to secure Chinese support that
overall efforts to secure funding from Beijing.Source: Bloomberg-Agencies
This article first appeared/also appeared in https://adaderana.lk
