The Limited Times

Now you can see non-English news...

Sri Lanka strangled by its Chinese creditor

2022-01-19T18:25:12.394Z


DECRYPTION - Highly indebted and deprived of its tourist windfall, the island is desperate. Sri Lanka has so far escaped default. The country has repaid the maturity of 500 million dollars of sovereign debt of January 18, welcomed Wednesday the governor of the Central Bank, Ajith Nivard Cabraal. See also Sri Lanka further increases its dependence on China The institution had renewed last week its promise to honor all its debts, including 1.5 billion dollars of sovereign bonds. But doub


Sri Lanka has so far escaped default.

The country has repaid the maturity of 500 million dollars of sovereign debt of January 18, welcomed Wednesday the governor of the Central Bank, Ajith Nivard Cabraal.

See also

Sri Lanka further increases its dependence on China

The institution had renewed last week its promise to honor all its debts, including 1.5 billion dollars of sovereign bonds.

But doubt hangs over the country's ability to meet the approximately $4.5 billion in public debt maturing this year.

Debt and drastic restrictions

The island located south of India is going through a very bad patch.

The financial rating agency S&P lowered its rating to CCC+ on January 12, due to the risk of payment default and the deterioration of its ability to maintain foreign exchange reserves.

These reserves amounted to 3 billion dollars (2.64 billion euros) at the end of December, retorts the Central Bank, which ensures that new inflows of foreign currency will make it possible to reimburse 7 billion this year…

This article is for subscribers only.

You have 75% left to discover.

Cultivating your freedom is cultivating your curiosity.

Keep reading your article for 1€ the first month

I ENJOY IT

Already subscribed?

Login

Source: lefigaro

All news articles on 2022-01-19

You may like

News/Politics 2024-03-05T17:27:56.274Z

Trends 24h

Latest

© Communities 2019 - Privacy

The information on this site is from external sources that are not under our control.
The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.