The 'Paris Club' of donors were the key source of Sri Lanka's external funding when the country was wary of higher cost commercial financing and its per person economic output was lower.
In recent years Sri Lanka has moved to export import credit from several countries and also to international capital markets.
Jayasundera was delivering an oration in memory of Sujata Jayawardena, a distinguished former head of alumni association of the university.
Over the past five years, China has become a top lender to Sri Lanka and is on track to overtake Japan, the island's biggest lender after World War II.
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Sri Lanka has also got 2.5 billion US dollars from the International Monetary Fund following a balance of pa