The 350-metre (1,155-feet) Lotus Tower, dubbed South Asia’s tallest structure, built for an estimated US$113 million with Chinese debt is all set to commence operations on September 15 in Sri Lanka’s capital Colombo city.

This huge green and purple communications tower is one of several “white elephant” projects built with Chinese loans under Mahinda Rajapaksa, brother of ousted president Gotabaya Rajapaksa who had to flee in July following months-long protests over Sri Lanka’s dire economic crisis.&nbsp;

Its construction began in 2012 and has been plagued by corruption claims since then.&nbsp;According to reports, Mahinda wanted to copy Beijing’s 405-metre Central Radio and TV tower.

State-owned Colombo Lotus Tower Management Company, which manages this tower, said they are opening its observation deck for visitors from Thursday and seek to earn from ticket sales to mitigate losses as the maintenance cost is huge.

“We can’t keep this closed. The maintenance costs are huge. We want to earn the upkeep of the building and turn this into an entertainment centre,” chief executive Prasad Samarasinghe told reporters, according to AFP news agency.

This tall structure is majorly financed by Chinese loans to the tune of $ 88.65 million, while the rest has been borne by the Sri Lankan government.

According to the president’s office, the loan instalments are due to be completed by 2024, and around $66 million has been repaid.

However, many broadcasters say that the communications tower is of no use as it can neither cover the island nor improve current transmissions from a mountain in the centre of Sri Lanka.

On Monday, a local media outlet called it a “towering story of pride and waste”.

(With inputs from agencies)

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The 350-metre (1,155-feet) Lotus Tower, dubbed South Asia’s tallest structure, built for an estimated US$113 million with Chinese debt is all set to commence operations on September 15 in Sri Lanka’s capital Colombo city.

The 350-metre (1,155-feet) Lotus Tower, dubbed South Asia’s tallest structure, built for an estimated US$113 million with Chinese debt is all set to commence operations on September 15 in Sri Lanka’s capital Colombo city. This huge green and purple communications tower is one of several “white elephant” projects built with Chinese loans under Mahinda Rajapaksa, brother of ousted president Gotabaya Rajapaksa who had to flee in July following months-long protests over Sri Lanka’s dire economic crisis. Its construction began in 2012 and has been plagued by corruption claims since then. According to reports, Mahinda wanted to copy Beijing’s 405-metre Central Radio and TV tower. State-owned Colombo Lotus Tower Management Company, which manages this tower, said they are opening its observation deck for visitors from Thursday and seek to earn from ticket sales to mitigate losses as the maintenance cost is huge. “We can’t keep this closed. The maintenance costs are huge. We want to earn the upkeep of the building and turn this into an entertainment centre,” chief executive Prasad Samarasinghe told reporters, according to AFP news agency. This tall structure is majorly financed by Chinese loans to the tune of $ 88.65 million, while the rest has been borne by the Sri Lankan government. According to the president’s office, the loan instalments are due to be completed by 2024, and around $66 million has been repaid. However, many broadcasters say that the communications tower is of no use as it can neither cover the island nor improve current transmissions from a mountain in the centre of Sri Lanka. On Monday, a local media outlet called it a “towering story of pride and waste”. (With inputs from agencies) WATCH WION LIVE HERE

Chinese-built Lotus Tower in Sri Lanka all set to open this week

The International Monetary Fund announced the release of the latest instalment of Sri Lanka's $1.5 billion bailout on Saturday, but warned that restructuring the loss-making national airline was essential to sustain economic recovery.

The IMF welcomed the island nation's increase in fuel prices last month -- a precondition for it to receive $252 million of the three-year loan approved in June 2016.

Sri Lanka's economy has been on the mend since the IMF bailout, but growth in 2017 was more sluggish than expected and at 3.1 per cent was the slowest in 16 years.

The release of the latest tranche of the loan had been held up pending the government agreeing to raise fuel prices to recover production costs and do away with subsidies.

The IMF said the price hike by state-run Ceylon Petroleum Corporation, in some cases by as much as 130 per cent, was a "major achievement" that would reduce fiscal risk.

The price of kerosene oil, widely used in rural Sri Lanka for cooking and in lamps, was also more than doubled last month, while gasoline prices increased by just under 15 per cent.

The IMF said Sri Lanka should also implement a pricing policy for electricity, which is currently subsidised for households and small businesses.

"It is essential for the authorities to implement an automatic pricing formula for electricity and a restructuring plan for Sri Lankan Airlines," IMF's Deputy Managing Director Mitsuhiro Furusawa said in a statement.

One of the biggest drags on the country's balance sheet is national carrier Sri Lankan, which has accumulated losses and debts of over $2 billion and is a huge burden on taxpayers.

The government has failed to privatise the airline due to a lukewarm response from investors while an attempt to find an international partner to revive it has also failed.

Meanwhile, Sri Lanka's real estate sector has been expanding rapidly -- raising concerns of a bubble -- and the Central Bank of Sri Lanka has said the sector is under close watch to prevent fallout for banks.

"While financial soundness indicators remain stable, continued credit growth in the real estate sector warrants close monitoring," said Furusawa.

The IMF welcomed the island nation's increase in fuel prices last month -- a precondition for it to receive $252 million of the three-year loan approved in June 2016

The International Monetary Fund announced the release of the latest instalment of Sri Lanka's $1.5 billion bailout on Saturday, but warned that restructuring the loss-making national airline was essential to sustain economic recovery. The IMF welcomed the island nation's increase in fuel prices last month -- a precondition for it to receive $252 million of the three-year loan approved in June 2016. Sri Lanka's economy has been on the mend since the IMF bailout, but growth in 2017 was more sluggish than expected and at 3.1 per cent was the slowest in 16 years. The release of the latest tranche of the loan had been held up pending the government agreeing to raise fuel prices to recover production costs and do away with subsidies. The IMF said the price hike by state-run Ceylon Petroleum Corporation, in some cases by as much as 130 per cent, was a "major achievement" that would reduce fiscal risk. The price of kerosene oil, widely used in rural Sri Lanka for cooking and in lamps, was also more than doubled last month, while gasoline prices increased by just under 15 per cent. The IMF said Sri Lanka should also implement a pricing policy for electricity, which is currently subsidised for households and small businesses. "It is essential for the authorities to implement an automatic pricing formula for electricity and a restructuring plan for Sri Lankan Airlines," IMF's Deputy Managing Director Mitsuhiro Furusawa said in a statement. One of the biggest drags on the country's balance sheet is national carrier Sri Lankan, which has accumulated losses and debts of over $2 billion and is a huge burden on taxpayers. The government has failed to privatise the airline due to a lukewarm response from investors while an attempt to find an international partner to revive it has also failed. Meanwhile, Sri Lanka's real estate sector has been expanding rapidly -- raising concerns of a bubble -- and the Central Bank of Sri Lanka has said the sector is under close watch to prevent fallout for banks. "While financial soundness indicators remain stable, continued credit growth in the real estate sector warrants close monitoring," said Furusawa.

IMF releases $250 million of Sri Lanka loan, seeks airline shake-up

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Chinese-built Lotus Tower in Sri Lanka all set to open this week

IMF releases $250 million of Sri Lanka loan, seeks airline shake-up