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Govt grapples with defaulting foreign investors

In an effort to deal with the increasing number of foreign investors who are defaulting on loans from state banks, the Sri Lankan government has pledged an investigation - an international one.

According to Lokuge, ten garment manufacturing factories have had to close in Biyagama, Nittambuwa and Katunayake investment zones resulting in over Rs. 5 billion in losses to state banks.

The Sri Lankan Labour minister Gamini Lokuge will meet with Mahinda Rajapaksa next week to discuss what action needs to be taken.