GR puts security over economics for Hambantota Port

Tuesday, 17 December 2019 00:30 - - {{hitsCtrl.values.hits}}

President Gotabaya Rajapaksa yesterday suggested security interest was greater than economics when it came to the strategic Hambantota Port.

Speaking to media editors, Rajapaksa said that his party opposed the change of the Hambantota Port’s operational model by the previous regime.

“Security is more of a priority than economic benefit. All ports must come under the control and ownership of the State,” the President pointed out.

The new Government has said it will endeavour to renegotiate the UNF-led Government’s deal with China Merchant on the Hambantota Port and take over total ownership and repay the loan taken to build it. The previous regime drew a $ 1 billion investment from CMPort for a majority joint venture and used the funds for debt servicing.

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