The Sri Lankan government acknowledged it will pay $170 million for the cancellation of an aircraft leasing contract, signed under the previous government.
Sri Lanka’s Finance Minister Ravi Karunanayake told Reuters that Colombo will pay AerCap Holdings NV (AER.N) the fee, as the government continues to try and save its failing national airlines.
The lease contract was originally secured for four A350 aircraft, a type of aeroplane that Sri Lanka did not need as no flights longer than 10 hours were being made, according to the finance minister.
See more from Reuters here.
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