ECON0MYNEXT – Sri Lanka has restructured defaulted loans and unspecified past due interest owed to the Export Import Bank of China, into 4,187 million dollars in new loans, according to a June 2024 debt bulletin published by the Finance Ministry.
In March 2024 Sri Lanka had had 3,993 million dollars of loans owned to the Exim Bank of China of which 903.8 million was in arrears.
The restructured loans by June amounted to 4,187 million dollars. The amount of past due interest which was capitalized was not separately disclosed.
Sri Lanka President Ranil Wickremesinghe said the average interest rates of bilateral loans going forward was around 2.1 percent.
Outside of Exim Bank credits there were 6.438 million dollars of Paris Club and other loans awaiting restructure.
The statement said nine loans were restructured.
Sri Lanka had 10,588.6 million dollars of bilateral loans of which 2,167.5 million dollars were in arrears by end March 2024.
By end June 2024 after the Exim Bank restructuring Sri Lanka had 10,625.2 million dollars of bilateral loans up from 10,588.6 million dollars in March.
Principal in arrears which was 2,167.5 million dollars in March was down to 2,167.5 million by June. (Colombo/Aug10/2024)
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