The Sri Lankan government, which is struggling to get the loan amount sanctioned from the International Monetary Fund (IMF), has now released the details of the entire debt on it. It has been said that the purpose of this is to clarify the situation so that efforts to get concessions from various lending countries can go ahead. The IMF has said that it will start issuing new debt only after debt restructuring (rescheduling of debt payment schedules) of the lending countries. The IMF has approved a loan of 2.9 billion for Sri Lanka, but this amount has not been released yet.
According to the details released by the Sri Lankan government, it had a total foreign debt of $ 35 billion as of June 30. This includes bilateral, multilateral, and trade loans. Of these, Sri Lanka has to pay $10.9 billion in bilateral debt, $9.3 billion in multilateral debt, and $14.8 billion in trade loans. The total economy of Sri Lanka is worth $84.5 billion.
The website economynext.com has reported in a report that the government of President Ranil Wickremesinghe faced a lot of difficulty in preparing the actual details of the total debt in Sri Lanka. The reason for this is that out of the loans taken by the previous governments, a huge amount was put into the accounts of government enterprises. Whereas in reality, the liability of this debt is also on the government itself.
China's debt to Sri Lanka is about seven billion dollars. That is, the share of Chinese debt in total debt is about 20 percent. China has been a major source of debt to Sri Lanka since the end of the civil war in Sri Lanka in 2009. Despite this, 80 percent of the debt in Sri Lanka has been taken from other sources.
According to analysts, going by the latest figures, the allegation that China has played a key role in trapping Sri Lanka into the debt trap is not correct. China has given most of the loans for infrastructure development. It is alleged that this loan was taken without a concrete assessment of the potential income from infrastructure, due to which Sri Lanka is now finding it difficult to repay it.
Sri Lanka has largely taken through sovereign (government) bonds. A significant amount of these are loans taken from private commercial sources. Such loans are relatively expensive. Whereas loans taken from multilateral agencies and under bilateral agreements have lower interest rates.
Apart from China, Japan and India have been the major sources of Sri Lanka's bilateral debt. Loans from Asian Development Bank account for 55 percent of multilateral loans.
Sri Lankan government officials have said that talks with lenders on debt restructuring have started. The outcome of this negotiation will decide when Sri Lanka will get the next installment of the loan from the IMF. Especially the ongoing talks with China are important because the IMF is not ready to issue debt without China's debt restructuring.
American company fired 2,700 employees overnight: said on message and e-mail - no need to come from tomorrow, if you have any goods, of course, take them
A furniture-making company in Mississippi, USA fired 2,700 of its employees overnight. According to The Guardian newspaper, United Furniture Industries (UFI) texted and emailed employees at midnight
No bar on media coverage in Adani-Hindenburg case: Supreme Court dismisses petition; Said – will give a decision soon on the formation of the committee
The Supreme Court on Friday dismissed a plea seeking a stay on media coverage on the Adani-Hindenburg case. The court said that it cannot stop the media from reporting. At the same time, the court
Russia-Ukraine War: Zelensky wrote a letter to PM Modi, requesting to send additional humanitarian aid
The President of Ukraine has written a letter to the Prime Minister of India, Narendra Modi. He has requested the PM to send additional humanitarian aid regarding the Russia-Ukraine war.
European countries have softened their opposition to India-Russia relations, now giving importance to increasing bilateral relations
After the Ukraine war, the European countries which had turned a blind eye to the decades-old relationship between Russia and India, have now changed their stand. Within the last few days, major
Animal: Ranbir Kapoor's 'Animal' on the path of Pathan and Jawan, will the show start at this time in the morning in the harsh cold?
The name of Hindi cinema's powerful actor Ranbir Kapoor is in the news these days for his upcoming film 'Animal'. There is a huge hype among the fans about this movie. Due to this fans are eagerly
Rajya Sabha: Purchase proposals worth Rs 2.46 lakh crore approved for the armed forces in the last three years
Minister of State for Defense Ajay Bhatt said in the Rajya Sabha that the Central Government has approved 163 proposals worth Rs 2,46,989 crore under various categories of capital procurement for the
OMG 2 Trailer Twitter Reaction: People liked the trailer of Akshay Kumar's film, CBFC got ripped off
OMG, 2 Trailer Twitter Reaction: Akshay Kumar and Pankaj Tripathi's film Oh My God 2 is very close to release. For the last few days, there is news of the film being embroiled in controversies. CBFC
IND vs ENG: Rohit Sharma scored the 17th half-century of his test career, and also achieved a big feat
Indian team captain Rohit Sharma scored his 17th Test half-century on the fourth day of the Ranchi Test on Monday and crossed the mark of 9000 runs in his first-class career.
Coronavirus Updates: Corona cases reduced again in the country, 937 new cases came in 24 hours; Active patients also decreased
There has been a decrease in the cases of corona infection in the country. The Health Ministry said that 937 cases of coronavirus have been registered in the last 24 hours. According to the data
Partition Horror Remembrance Day: PM Modi remembered the victims, said- this is a day to pay tribute to the courage of the people
Prime Minister Narendra Modi remembered those who were affected during Partition on the occasion of Partition Horror Remembrance Day a day before Independence Day. He said that today is a day to pay
