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Japan leads loan commitments to Sri Lanka up to April 2014

July 02, 2014 (LBO) - Sri Lanka has signed up 678.
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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. Outstanding foreign debt not counting rupee denominated Treasuries owned by foreigner was 21.1 billion US dollars by end April 2014.
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Debt service payments up to April were 390.5 million US dollars of which 244 million was for principle payments and the balance 146.

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4 million US dollars was for interest payments.

In 2014 Sri Lanka had to repay 1.

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279 million US dollars of which 31 percent had been paid by end April.

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.

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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.

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5 years payback.

The loan from Kuwait was at 0.2 percent with 0.5 percent

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