Sri Lanka is hoping to take out yet another billion-dollar loan, open a separate $1.5 billion credit line, and activate a $1.5 billion currency swap with communist China.
Gotabaya Rajapaksa’s departure to the Maldives, and later to Singapore, resulted in Prime Minister Wickremesinghe becoming interim president. The nation’s parliament will choose a new president on July 20.
“We are confident that at some point the Chinese system will agree to our requests because these are not unreasonable requests,” Kohona told Bloomberg. “We have made similar requests to other creditors. Sri Lanka needs the funding to bring stability to our financial system and we are confident that the Chinese will come to the party sooner than later.”
“Sri Lanka’s federal government has about US$12.6 billion in outstanding bonds owed to global funds; all repayments are frozen and defaults have been recorded,” Bloomberg explained. “It owes roughly an equivalent amount to bilateral creditors and multilateral lenders.”
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