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About: http://data.cimple.eu/news-article/63297b15c4a95ac3193fe4e511ec86ad9106f3b7a536918ff56418db Goto Sponge NotDistinct Permalink

An Entity of Type : schema:NewsArticle, within Data Space : data.cimple.eu associated with source document(s)

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rdf:type	schema:NewsArticle
schema:articleBody	Sri Lanka said Monday it had secured a $500 million loan from South Korea, a month after a similar loan from China as the island faced a foreign exchange shortage amid a debt crisis. The government said South Korea agreed to provide the loan at a concessional interest rate of 0.15 to 0.20 percent, repayable over 40 years with a 10-year grace period. "The framework arrangement was signed today," the finance ministry said in a statement. Last month Colombo raised another $500 million loan from Beijing in a desperate bid to shore up its dwindling foreign reserves and ease pressure on the local currency. The People's Bank of China also granted a $1.5 billion currency swap to finance imports from China in February as the rupee hit a record low of 202.73 to the dollar. At the end of April Sri Lanka said its economy shrank 3.6 percent last year due to the Covid-19 pandemic, making it the worst downturn since independence from Britain in 1948. The unprecedented recession compared with 2.3 percent GDP growth in 2019, according to the Central Bank of Sri Lanka. It said the government's debt also rose to 101 percent of GDP last year, up from 86.8 percent the previous year, underscoring the debt crisis facing the island. International rating agencies have expressed concern over Sri Lanka's ability to service its huge foreign debt as the country's foreign reserves fell sharply in the past year. Sri Lanka has already borrowed heavily from China raising fears of a debt trap. Chinese influence in Sri Lanka has been growing in recent years through loans and projects under its vast Belt and Road infrastructure initiative, raising concerns among regional powers and Western nations. Between 2005 and 2015, Colombo borrowed billions from China, accumulating a mountain of debt for expensive infrastructure projects. Sri Lanka was forced to hand over its strategic Hambantota port on a 99-year lease to a Chinese company in 2017 after it was unable to service the $1.4 billion debt from Beijing used to build it. aj/mtp
schema:headline	Sri Lanka gets $500m South Korean loan after Chinese bailout
schema:mentions	Foreign-exchange reserves Interest rate Joule Bailout External debt Recession South Korea United States dollar Sri Lanka Gross domestic product Pandemic China Coronavirus disease 2019 Sri Lankan rupee Port of Colombo Currency swap Debt trap Hambantota Credit rating agency European debt crisis
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2021-05-10 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	62 (xsd:integer)
http://data.cimple...tology#hasEmotion	happiness

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