Agrees to reduce insurance premium on credit facilities:

China reaffirms support to Lanka

Chinese Finance Minister Xie Xuren reaffirmed the Chinese government’s support to Sri Lanka and agreed to initiate action to reduce the insurance premium charges applicable for Sri Lanka against credit facilities, considering the country’s present economic and political stability.

This transpired at the discussions held between International Monetary Cooperation Senior Minister Sarath Amunugama and Chinese Finance Minister Xie Xuren on the sidelines of the IMF/World Bank Spring Meeting in Washington DC.

The two Minister’s held discussions on the bilateral relations between China and Sri Lanka.

Minister Amunugama thanked the Chinese government for the excellent support extended to Sri Lanka and their contribution to the country’s economic development.

Both parties discussed the progress of the Chinese Government funded projects, in particular the Puttalam Coal Power Project, Hambantota Port Development Project, Mattala International Airport Development Project and Katunayake-Colombo Expressway, which is expected to be completed by end of 2011.

Amunugama invited Chinese assistance to implement the national railway from Matara to Beliatta as a connecting route between Hambantota Port and the main cities in the neighbouring regions that will ensure an efficient transport network.

Minister Xuren accepted the invitation offered by Minister Amunugama to visit Sri Lanka.