Foreign Funding
Japan leads loan commitments to Sri Lanka up to April 2014 July 02, 2014 (LBO) - Sri Lanka has signed up 678.2 million US dollars in foreign loans in the first four months of 2014 and Japan led the tables giving 342.8 million US dollars for a new bridge to the capital, official data showed.A mid-year fiscal report showed that China Development Bank committed 300 million US dollars for a road building and the Kuwait Fund for Economic Development has loaned another 10 million US dollars.
Japans yen denominated loan (35 billion yen) came at a fixed interest rate of 0.10 percent, a 0.2 percent one time front end fee, 10 year grace period and 40 year payback.
The loan from China came at 295 basis points above 6-month US dollar London Interbank Offered Rate, with 3-year grace and 15.5 years payback.
The loan from Kuwait was at 0.2 percent with 0.5 percent commitment fee, grace period of 5.25 years and 24.75 years of repayment.
There were 6.9 billion US dollars of committed loans awaiting disbursement.
Japan had committed 1.6 billion US dollars, the ADB 1.16 billion US dollars, China 1.08 billion US dollars, India 620 million and the World Bank 550.6 million US dollars.
Iran had committed 399 million US dollars, Russia 134.7 million US dollars, South Korea 125.3 million US dollars and Saudi Arabia 110 million US dollars.
Up to April 541.3 million US dollars of loans had been disbursed with 141.9 million US dollars from China, 108.9 million US dollars from Japan and 95.8 million US dollars from the World Bank.
Another 74.2 million US dollars from the Asian Development Bank and 53.7 million US dollars from India had been disbursed.
In addition the government had also raised 1.5 billion US dollars from international bond sales.
Outstanding foreign debt not counting rupee denominated Treasuries owned by foreigner was 21.1 billion US dollars by end April 2014.Debt service payments up to April were 390.5 million US dollars of which 244 million was for principle payments and the balance 146.4 million US dollars was for interest payments.
In 2014 Sri Lanka had to repay 1.279 million US dollars of which 31 percent had been paid by end April.
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