China announces further aid for Sri Lanka

May 3, 2022 at 9:44 AM

China has announced another 300 million RMB in aid to crisis-hit Sri Lanka. 

The Chinese Embassy in Colombo said that the aid will be provided for the purchase of urgently needed drugs, food, fuels, etc.

The latest aid increases the total emergency grant from China to 500 million RMB (approximately 76 million USD).

The Chinese Embassy said the aid is being granted “to support Sri Lankan people at these trying times.”

By March 2022, China had provided Sri Lanka a total of US $ 2.8 billion as aid since 2020, including the US$ 1.5 billion currency swap in 2021.

In March, it was reported that the Sri Lankan Government requested a further US$ 1 billion loan and a US$ 1.5 billion credit line from China.

At the time it was said that the Sri Lanka Government was expecting to use the US $ 1 billion loan to settle the previous loans taken from the Chinese banks.

In April, the China International Development Cooperation Agency (CIDCA) pledged an urgent emergency humanitarian aid of RMB 200 million to Sri Lanka.

This included 5000 tonnes of rice, pharmaceuticals, production materials, and other essentials. 

Furthermore, the Yunnan Province had announced a donation of RMB 1.5 million worth of food packages to Sri Lanka as well. (NewsWire)