March 27, 2023

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China blacklists People’s Bank of Sri Lanka; Everything you need to know about compost export order | China, which blacklisted the People’s Bank of Sri Lanka, has been unable to pay $ 49 million by a government agency.

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  • China blacklists People’s Bank of Sri Lanka; Everything you need to know about compost export order

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There have been deep rifts in the alleged friendship between China and Sri Lanka. The Chinese embassy in Colombo has blacklisted Sri Lanka’s largest bank, People’s Bank. According to media reports, this tension has arisen in the payment. In fact, the Sri Lankan government agency had to pay a Chinese company. The payment was to be made through the People’s Bank. The bank was unable to pay $ 49 lakh. China subsequently blacklisted the bank.

Stress for several days
According to reports, this is a new controversy related to payments between the two countries. Similar disputes have occurred in many places in the past. This time the matter is related to fertilizer exports.
Ceylon Fertilizer Company, the state-owned company of Sri Lanka, was to pay the Chinese biotech company. The product was inspected by a Sri Lankan company and found to contain high levels of impurities. The Sri Lankan company sued and then the bank stopped making payments on the court order. According to the bank – can be paid only with the consent of both parties. This did not happen in this case. So the payment was stopped.

China is very strict
Following this, the Chinese Embassy has written to all Chinese companies in Sri Lanka. Said- People do not accept any letter of credit from the bank. The office of Sri Lankan President Gotabhaya Rajapaksa has also clarified that it cannot accept the presence of deadly bacteria in the ship sent from China.

The Sri Lankan Ministry of Agriculture has also made it clear that it will not allow the introduction of such fertilizers into the country.

This will increase the tension
China had informed the Sri Lankan government that the fertilizer test on the ship had not been carried out properly. So, do a new test and do it in the lab in China. The proposal was flatly rejected by the Sri Lankan Minister of Agriculture.

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