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Sri Lanka call for dollar loan draw bids from India, China state banks

ECONOMYNEXT – State-run Industrial and Commerce Bank of China and State Bank of India are in consortia that responded to a call for dollar term loans to Sri Lanka, the Finance Ministry said.

State Bank of India, Singapore Branch, bid with Hongkong and Shanghai Banking Corporation Limited and Credit Suisse AG, Singapore Branch.

Industrial & Commerce Bank of China (London) Plc bid with Sri Lanka’s Acuity Partners (Pvt) Ltd.

Sri Lanka called for Foreign Currency Term Financing Facility (FTFF) of up to 500 million US dollars at a fixed or floating rate, with a tenor of one year or more.

Sri Lanka’s budget deficit is expected to rise in 2020, after a fiscal stimulus, lockdowns to end Coronavirus and import controls coming from money printing.

Sri Lanka has made strong gains in controlling Coronavirus. (Colombo/July23/2020)

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