Sri Lanka gets emergency China loan as rupee hits record low

Colombo (AFP) April 12, 2021

Sri Lanka secured a $500 million loan from China Monday in a desperate bid to shore up its foreign exchange reserves as the local currency hit a record low. The Sri Lankan embassy in Beijing said the loan agreement with the China Development Bank will "infuse vitally required foreign exchange" into the island's pandemic-battered economy. It is the second Chinese loan made in less than th