Sri Lanka in talks to secure $500 mn in Chinese loans

Finance Ministry of Sri Lanka is negotiating a $500 million loan with Beijing in addition to Beijing’s $90 million grant to Sri Lanka. Beijing had already given Sri Lanka a $500 million loan in the month of March as an “urgent financial assistance” to cope with the economic impact of the pandemic. If this loan is also sanctioned then Sri Lanka’s total borrowing amount from China will be over by $1 billion. U.S. Secretary of State Mike Pompeo is expected to visit Colombo later this month and closely watch Rajapaksa administration’s engagement with Beijing. The issue is related to Global Politics.

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