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China refuses US$500Mn loan for Sri Lanka
Tuesday, 5 March 2013 - 6:56 PM SL Time
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China has refused a loan of US$500 million sought by the Sri Lankan Government to buy petroleum products and stressed that China would only approve only project loans, informed sources said yesterday
A Finance Ministry official said the loan which was being negotiated last year had not materialised because China was only prepared to grant project loans for which interest rates were relatively high.
China had become Sri Lanka s biggest lender. The country had obtained US$3.1 billion in loans and export credit to Sri Lanka about 18 months ago. The government had obtained Chinese loans, at interest rates varying from 2.9 per cent to 8.25 per cent, for major development projects such as the building of the Hambantota Port, the Mattala Airport, the Moragahakanda Irrigation Scheme and the Norochcholai Coal Power Plant. Meanwhile the country s total debt burden has increased to Rs.6,610 billion with 52 per cent of it being from domestic borrowings.
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chennaiguuy
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 5 Mar 2013 14:21:32 GMT Report for Abuse
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Cong to participate in Tamil Eelam conference in Delhi
While party leaders, including three prominent ministers from the State, P Chidambaran, Jayanthi Natarajan and G K Vasan, voiced different opinions on the party's participation at the TESO conference, sources said, Rahul veered around to accepting the majority view that nothing much will be lost by marking a presence at the conference.
From trying to ban the name 'Eelam' from the conference few months ago, Delhi Cong has been forced to participate in the same thanks to Local TN Cong guys..
Is all is well between 'Relatives' thanks to chinese ???
:-))
Edited By - chennaiguuy - 5 Mar 2013 14:22:15 GMT |
yarlan
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 5 Mar 2013 14:31:20 GMT Report for Abuse
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If Sri Lanka delivers on ethnic reconciliation, political reforms and accountability, United States will open the flood gates for capital flows (loans, grants, etc.), more open trade, FDI's, and other facilities beneficial to both countries.
It is upto President Mahinda Rajapakse to decide if he wants Sri Lanka to become more like South Korea or follow in the footsteps of Nigeria.
Also, members of the Tamil Diaspora have some soul searching to do. What is it they want for themselves and the Lankan Tamils who call Sri Lanka their home? Is what they campaign for is the same thing as the what the Lankan Tamils want? Do both of them have the interests and goals at heart? If not, what is it that they can do to help Sri Lanka and Lankan Tamils - a pathway that could bring unprecedented level of benefit to everyone in Sri Lanka so that they have a better future ahead.
Edited By - yarlan - 5 Mar 2013 14:38:35 GMT |
yarlan
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5 Mar 2013 14:41:07 GMT Report for Abuse
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Because, frankly speaking, people in Sri Lanka are sick of being stuck in the past when it comes to discussing serious issues affecting Sri Lanka that is holding everyone back.
What they expecting from their political leaders is to open up their minds and have a civilized dialogue and try to find ways to solve the problems instead of going backwards in time. They are sick and tired of seeing politicians playing the ethnic, religious and 'race' cards to hoodwink them and not address the problems that lead to thirty years of bloodshed and destruction in the country (1971 to 2009).
Edited By - yarlan - 5 Mar 2013 14:44:58 GMT |
Udayaar
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 5 Mar 2013 14:55:57 GMT Report for Abuse
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Also, members of the Tamil Diaspora have some soul searching to do.
yeah..we will do a soul search and you do a search inbetween your legs and make sure everything is there. worthless dog...go continue lick rajas ball. |
MaKaSo
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 5 Mar 2013 15:35:06 GMT Report for Abuse
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China is now playing with fire. Do they think that SL is going to bankrupt without this money. This is peanut.
However, there is an easy way to get this loan.
Invite Chinese and show the buggers the rock strip of UK, Usweta-Keyyawa. Another successful ROCK project. Approved!
Edited By - MaKaSo - 5 Mar 2013 15:40:56 GMT |
Dewey
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 5 Mar 2013 16:37:16 GMT Report for Abuse
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Another successful ROCK project. Approved!
Makaso, are you talking about a rock growing project? |
SamP
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5 Mar 2013 17:10:15 GMT Report for Abuse
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Yarlan,
If Sri Lanka delivers on ethnic reconciliation, political reforms and accountability, United States will open the flood gates for capital flows (loans, grants, etc.), more open trade, FDI's, and other facilities beneficial to both countries
Not quite. The rule of law, transparency, businees friendly government services, trainable labor, and a well developed infrastructure are the main needs for FDIs. We are developing our infrastracture and we have a highly trainable work force. However, we are heading backwards on the rest, specifically the rule of law.
After all it is not the government of USA who invests but individual investors and fund managers. |
yarlan
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5 Mar 2013 17:12:49 GMT Report for Abuse
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SamP,
Not quite. The rule of law, transparency, businees friendly government services, trainable labor, and a well developed infrastructure are the main needs for FDIs. We are developing our infrastracture and we have a highly trainable work force. However, we are heading backwards on the rest, specifically the rule of law.
After all it is not the government of USA who invests but individual investors and fund managers.
I agree with you on this. I meant to 'lump' all these under the 'political reform' label. Rule of law is critical to attracting FDI's, especially from corporate and individual investors. Investors need assurance on the protection of intellectual property rights, legal safeguards for property rights, and labor rules that are enforceable under a Court of Law.
Edited By - yarlan - 5 Mar 2013 17:18:16 GMT |
Tonyvasantha
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5 Mar 2013 17:41:42 GMT Report for Abuse
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| I think rock growing is a good project because you just sleep at home for few years while the rock grows!!! |
MaKaSo
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5 Mar 2013 18:59:32 GMT Report for Abuse
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Makaso, are you talking about a rock growing project?
yes- that's the gem.
Twenty per cent of $3.1 billion went to that :) |
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