Government planning for billion dollar foreign loan
Posted on June 12th, 2015
Adaderana
The government plans to obtain a syndicated loan of up to USD 01 billion and proposals are to be called for within a few days, said Finance Minister Ravi Karunanayake while meeting representatives of the Foreign Journalists’ Association in Colombo.
The interest rates on this loan would reportedly be between 3.25 and 3.75 per cent.
The Finance Minister further said that international banks have shown willingness to provide loans to Sri Lanka, if needed even loans up to USD 02 billion could be obtained and that the government expects to obtain such loans before international lending rates rise.
Recently the government borrowed USD 650 million through an international sovereign bonds issue.
June 12th, 2015 at 12:41 pm
Our brilliant Prime Minister, My3 and Ravi Karunanayake (or is it Karupiah) or were offered a $1 Billion GRANT by the Chinese Government. They refused it and are now getting loans from the West at interest. Are they not wonderfully clever! They managed to make the rupee value drop from Rs. 130 per $ to Rs. 140 per $ in less than a 100 days. They managed to issue bonds to value of Rs. 10 billion when the treasury only wanted Rs. 1 billion. It was supposed to go at 6.25% and was issued at 12.5% to CB Governer’s relation. What else will they achieve given enough time.