Apr 02, 2018

300 m USD credit from state banks to pay back foreign debt Featured

The government has decided to obtain a 300 million dollar credit from state banks to pay back the foreign debt and interest that amount to 732 million USD in the first quarter of this year, reports say.

Cabinet approval has been sought to obtain the money from the Bank of Ceylon, People’s Bank or foreign banks having branches here.

The cabinet paper submitted at the last meeting of the ministers notes that a very high interest will have to be paid if foreign loans are obtained to pay back the borrowings.