Reply to thread

Message: <blockquote data-quote="SLBlackKnight" data-source="post: 26300036" data-attributes="member: 308134">COLOMBO: Sri Lanka secured a US$500 million loan from China Monday (Apr 12) in a desperate bid to shore up its foreign exchange reserves as the local currency hit a record low.The Sri Lankan embassy in Beijing said the loan agreement with the China Development Bank will "infuse vitally required foreign exchange" into the island's pandemic-battered economy.It is the second Chinese loan made in less than three weeks.Last month, the People's Bank of China granted a US$1.5 billion currency swap to finance imports from China, a key supplier of manufactured goods to the island which is struggling to pay for imports.Sri Lanka's rupee hit a record low of 202.73 to the US dollar, as the country's foreign reserves fell to US$4.05 billion at the end of March, the lowest in 12 years.The country's economy contracted by a record 3.9 per cent last year.<a href="https://www.channelnewsasia.com/news/business/sri-lanka-emergency-loan-from-china-rupee-hits-record-low-14607828" target="_blank">https://www.channelnewsasia.com/news/business/sri-lanka-emergency-loan-from-china-rupee-hits-record-low-14607828</a></blockquote>

Top Bottom