{"id":77772,"date":"2022-05-29T00:27:48","date_gmt":"2022-05-29T04:27:48","guid":{"rendered":"http:\/\/dbsjeyaraj.com\/dbsj\/?p=77772"},"modified":"2022-05-29T22:49:09","modified_gmt":"2022-05-30T02:49:09","slug":"prime-minister-ranil-wickremesinghe-telld-ft-that-china-has-offered-a-few-hundred-million-dollars-in-lending-to-sri-lanka-to-help-alleviate-a-shortage-of-essential-goods-in","status":"publish","type":"post","link":"https:\/\/dbsjeyaraj.com\/dbsj\/?p=77772","title":{"rendered":"Prime Minister Ranil Wickremesinghe Telld FT that \u201cChina has offered \u2018a few hundred million dollars\u2019 in lending to Sri Lanka to help alleviate a shortage of essential goods in the crisis-hit country,\u201d"},"content":{"rendered":"

<\/p>\n

Prime Minister Ranil Wickremesinghe has said that China will help Sri Lanka weather the financial crisis.<\/strong> <\/p>\n

\u201cChina has offered \u2018a few hundred million dollars\u2019 in lending to Sri Lanka to help alleviate a shortage of essential goods in the crisis-hit country,\u201d the UK\u2019s Financial Times said quoting Wickremesinghe. FT said Wickremesinghe hopes to finalise the Chinese loan as his Government seeks emergency aid to keep its economy going as it negotiates an IMF bailout. He added that talks with Beijing over additional lending were at an early stage.<\/p>\n

\u201cIt\u2019s quite substantial. It would be a few hundred million dollars,\u201d he told the Financial Times in an interview. \u201cIt\u2019ll still help us get hold of essential consumer items, fertilisers\u2026 the Ministry of Finance is having discussions on some of the items.\u201d<\/p>\n

FT said Sri Lanka\u2019s ties with Beijing, particularly its participation in the Belt and Road infrastructure project, have been a source of friction with neighbouring India, which views its rival\u2019s activity on the island as a national security threat.<\/p>\n

<\/p>\n

Since joining embattled President Gotabaya Rajapaksa\u2019s Government, Wickremesinghe has sought to smooth Sri Lanka\u2019s relations with its allies in order to secure additional funding. Sri Lanka is seeking as much as $ 4 billion from the IMF, and Wickremesinghe said he hoped a deal could be agreed as early as next month.<\/p>\n

Wickremesinghe dismissed concerns that additional Chinese funding could complicate ties with India, which has been Sri Lanka\u2019s biggest benefactor this year with credit lines, swaps and other assistance equivalent to more than $ 3 billion.<\/p>\n

But he added that India\u2019s aid would \u201cnot [continue] beyond a point\u201d and Sri Lanka would have to seek more funding from Japan and China.<\/p>\n

\u201cWith India we\u2019ve had a special relationship and, as long as we don\u2019t do anything to harm India\u2019s national security, we can get along,\u201d he said.<\/p>\n

Sri Lanka\u2019s Government this year asked China to renegotiate its existing debts, which total about $ 3.5 billion. But Beijing has refused and instead offered to provide aid and additional loans.<\/p>\n

Wickremesinghe, who also took over the role of Finance Minister last Wednesday after the post was vacant for more than two weeks, said he would only approach Beijing and other creditors including private bondholders for restructuring talks once an IMF deal has been agreed.<\/p>\n

But he added that it was too soon to know whether Sri Lanka could expect China to agree to equal treatment with other creditors including private bondholders. \u201cWe may not have that bargaining power,\u201d he said. \u201cAmong the countries, we have to treat everyone the same at least.\u201d
\n
\n(Source: ft.com\/content\/74323427-0d12-4978-a57d-41a8b7339bd2)<\/em><\/strong><\/p>\n

Courtesy:Daily FT<\/em><\/p>\n

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Prime Minister Ranil Wickremesinghe has said that China will help Sri Lanka weather the financial crisis. \u201cChina has offered \u2018a few hundred million dollars\u2019 in lending to Sri Lanka to help alleviate a shortage of essential goods in the crisis-hit country,\u201d the UK\u2019s Financial Times said quoting Wickremesinghe. FT said Wickremesinghe hopes to finalise the …<\/p>\n

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