COLOMBO: Financial institution of China, the nation’s fourth-biggest lender by belongings, has provided a mortgage of $300 million to Sri Lanka which could be raised to $1 billion, a supply in Colombo with direct data of the matter, informed Reuters on Tuesday.

The federal government is contemplating the supply due to “problem in borrowing cash after current rankings downgrades”, the supply stated, declining to be named as the data was not public.

Reuters couldn’t instantly attain Sri Lanka’s Ministry of Finance and the Financial institution of China.

Sri Lanka, an island nation off India’s southeastern coast, is struggling to repay its international loans, with a file $5.9 billion due this yr together with $2.6 billion within the first three months alone.

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