Sri Lanka to ink Hambantota port deal with China Saturday: PM

ECONOMYNEXT – Sri Lanka will go ahead with singing a deal to sell Hambantota port to China Saturday Prime Minister Ranil Wickremasienghe said, amid claims by a port worker union that it called of a strike following promises that the deal would be scrapped.

Sri Lanka’s Parliament, which was expected to debate the deal Friday, was adjourned was amid a rumpus created by the so-called ‘joint opposition’ legislators loyal to ex-President Mahinda Rajapaksa.

"We tried to drag them into a debate but they avoided it because they have nothing to say," Wickremasinghe told reporters.

Funds from the port deal will be used to settle debt, he said.

Sri Lanka has earlier said the funds will be kept in a special dollar account as part of forex reserves.

China is expected to pay up to 1.1 billion US dollars over the next few months for the port.

China will get control of the port for 99 years.

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