Sri Lanka: China agrees to restructure loans, says President Ranil Wickremesinghe
1 year, 9 months ago

Sri Lanka: China agrees to restructure loans, says President Ranil Wickremesinghe

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Sri Lanka defaulted on its $46-billion foreign debt last April during its economic crisis, which caused months of food and fuel shortages around the South Asian nation Colombo, Sri Lanka: Sri Lanka’s president said Tuesday that China had agreed to restructure its loans to the bankrupt island nation, clearing the final obstacle to an International Monetary Fund bailout. China’s state-owned Exim Bank “sent a letter to the IMF” on Monday night expressing Beijing’s willingness to “restructure” credit to Sri Lanka, Ranil Wickremesinghe told parliament. “No sooner the letter from the Exim Bank of China went to the IMF, I signed Sri Lanka’s Letter of Intent to go with the IMF programme,” he said. Sri Lanka defaulted on its $46-billion foreign debt last April during its economic crisis, which caused months of food and fuel shortages around the South Asian nation.

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