Monday, December 4, 2023

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SL settles $200mn loan from Bangladesh with $4.5mn interest

Colombo (LNW): Sri Lanka has settled the entirety of US $200 million loan from Bangladesh, taken through a currency swap two years ago to address the economic crisis, Dhaka-based Dhaka Tribune reported.

In its report, the news agency claimed that Sri Lanka in the last intalment paid about US $50 million and US $4.5 million in interest on the loan on Thursday night, citing a senior official of Bangladesh Bank.

Sri Lanka took this loan for a period of one year in May 2021. However, the country failed to repay the loan due to a worsening domestic economic crisis and the Sri Lankan government declared itself bankrupt, hence the country taking an extension to repay the debt several times.

This year, Sri Lanka’s economy started to turn around and the country was able to repay the debt.

According to Bangladesh Bank, Sri Lanka initially repaid US $50 million on August 20. Then on August 31, it returned US $100 million. Finally, they returned the remaining US $50 million on Thursday night.

Sri Lanka has paid off the loan taken from Bangladesh in three instalments.

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