Chinese loans debt equity transfer in accordance with talks in Beijing
The debt equity transfer on the Chinese loans will be implemented in accordance with the discussions Prime Minister of Sri Lanka had in Beijing with the President of the Peoples Republic of China His Excellency Xi Jinping and Prime Minister Li Keqiang on 7th and 8th April 2016.
In accordance with the discussion, in the first instance the Chinese Government will promote Chinese firms interested in entering to Private-Public Partnership with Sri Lanka Government in regard to the specified project. The Cabinet Committee on Economic Management (CCEM) has instructed Minister of Development Strategies and International Trade and Minister of Special Assignments to discuss the required modalities with the Chinese Ambassador and to report back to the CCEM. The discussions have been finalized and report to be submitted.
Following these discussions, on Friday 29 th July 2016, a meeting was held in Hambantota by the two Ministers with the Chinese Ambassador and interested Chinese firms on the proposals for Mattala Airport, Hambantota Port, Tourism Zone, a Petroleum Refinery, a dockyard, a LNG Power Plant and Industrial Parks. These will come under the Public Private Partnership between Sri Lanka Government Agencies and Chinese Investors.
Furthermore, the Ministry of Development Strategies and International Trade is discussing other investment proposals in regard to Hambantota with foreign investors of other nationalities. This includes a second Petroleum Refinery.
A part of the English print media has distorted the facts in regard to these transactions in order to disrupt the economic development of Sri Lanka. The discussion alleged to have taken between the Prime Minister Hon. Ranil Wickremesinghe and the Chinese Ambassador as stated in the Sunday Times titled “H’tota and Mattala : China declines Lanka’s request” is false. This paper together with the Financial Times is leading the campaign of dis-information.
(Government News Portal)
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Chinese loans , Japanese loans and IMF loans. Where are these money goes. Why this Sri Lankans with worthless University degrees go all over the world with a begging bowl.
Borrowing money to create positive return is an economically viable proposition.
Borrowing money to create white elephants is disastrous. Borrowing money to settle debts is even more disastrous.
It is heartening to see leaders with an economic vision at the helm.
Building airports, harbours and roads purely for attaching the leader’s name at the top and earning komis to build mansions in California and buying hotels in Dubai, is stupidity.
Jerome,
What happened to the Hotel in Dubai. Has it dissapeared? because there is no mention of this hotel now. Do you know any thing about it.
At least MR did build some parks and walk ways which are very much enjoyed by many people, Freeways , a harbor and a Airport. There location and worth is debatable but I am sure there is some reason these were built in these areas. What have these jokers done since they came in to power?
The Hotel in Dubai still exists purportedly owned by a Dubai based businessman with his own turnover of USD 256k per annum.
The rest of ownership data is hidden in the Panama Files.
Why build parks and walkways, airport and a harbour when the backbone of our economy, tea and agriculture, are down in the dumps.
In the tea estates, why not provide decent living for the tea-pickers? Late Mr Thondaman, who “fought” for the emancipation of the tea pickers left behind a legacy of of a high-powered sports car driving son with billions in the bank account. Disgusting !!
In agriculture, our amude-wearing peasants earn a meagre living while paying the highest of taxes (to enable Parliamentarians to travel in Luxury Prados). Why not invest in introducing micro-irrigation systems (as those in Israel) that will make our paddy lands, drought proof?
SL’s leadership in the past decade (The R Family) had no vision for this country. The current crop of leaders do have a vision but I am getting the feeling that it is directed in the wrong direction.
It is disheartening to see Kommis Captains drive the Economic Development of our our country.