Along with Japan and India, China can join debt relief effort for Sri Lanka: Nirmala Sitharaman
1 year, 4 months ago

Along with Japan and India, China can join debt relief effort for Sri Lanka: Nirmala Sitharaman

The Hindu  

As a large creditor to Sri Lanka, China is welcome to join the effort steered by Japan, India and France to help the island nation cope with its debt distress, Finance Minister Nirmala Sitharaman said on Saturday. Terming multilateral development banks’ reforms and debt-relief measures for many stressed economies as the top two finance track priorities for India during its G-20 Presidency, Ms. Sitharaman said that a comprehensive, better and quicker approach is required to address the problem within the common framework of the IMF and World Bank, as well as “outside” it. “I quote the ‘outside of it’ equally as much as within the framework, as we have the example of Sri Lanka, a middle-income country which got into distress because its earnings were limited to tourism and some other areas like export of tea… Sri Lanka required a quick redressal, although outside of the framework because they are a middle-income country,” she noted in a discussion at the India Japan Forum. Japan’s leadership in such cases with “a constructive approach to address debt distress” has been well-received, the Minister said, adding that this is an indicator that the G-7 and G-20 together would come up with solutions to the problem.

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History of this topic

‘Inflation, geopolitics key global economic hurdles’: Nirmala Sitharaman
1 week, 5 days ago

‘Inflation, geopolitics key global economic hurdles’: Nirmala Sitharaman

Hindustan Times  

NEW DELHI: The world’s immediate priority for this decade should be the restoration of normalcy to stem rising inflation, Union finance minister Nirmala Sitharaman said on Wednesday, listing equitable solutions for climate change, prudent debt management, industry-led skilling of youth, and coexistence of big and small firms as other decadal challenges for the global community. Detailing her priorities for a …

Xi says wants to deepen BRI cooperation with Sri Lanka under new leader
3 months ago

Xi says wants to deepen BRI cooperation with Sri Lanka under new leader

The Hindu  

Chinese President Xi Jinping on Monday said he hoped to broaden cooperation with Sri Lanka under his Belt and Road infrastructure initiative as he congratulated the island nation's new leader Anura Kumara Dissanayake. "I attach great importance to the development of China-Sri Lanka relations and am willing to work with Mr. President to continue our traditional friendship enhance mutual political …

Sri Lanka seals debt deal with Official Creditor Committee after financial crisis
5 months, 3 weeks ago

Sri Lanka seals debt deal with Official Creditor Committee after financial crisis

The Hindu  

In what it termed a significant milestone, Sri Lanka on Wednesday sealed a deal with the Official Creditor Committee, to restructure the debt owed to its bilateral lenders including India, and signed a separate agreement with China for debt treatment. “Sri Lanka reached a final restructuring agreement for $5.8 billion of debt with its bilateral lenders’ Official Creditor Committee in …

'Procedural issues' delaying Sri Lanka debt deal: IMF
6 months, 1 week ago

'Procedural issues' delaying Sri Lanka debt deal: IMF

The Hindu  

Sri Lanka's planned foreign debt restructure after an unprecedented economic crisis has been delayed by "procedural issues" in negotiations with bilateral creditors including China, the International Monetary Fund said on June 14. The Washington-based lender of last resort this week gave Sri Lanka the latest tranche of a rescue package designed to help repair the island nation's ruined finances after …

Why the G-20 ‘Common Framework’ for Debt Relief Isn’t Helping Poor Nations
8 months, 2 weeks ago

Why the G-20 ‘Common Framework’ for Debt Relief Isn’t Helping Poor Nations

Bloomberg  

More than half of the world’s low-income countries are at high risk of debt distress or are already in it, and several have defaulted. But despite the world’s 20 largest economies having agreed in 2020 to a plan called the Common Framework to smooth the process of restructuring loans that governments could no longer afford to service or repay, progress …

China agrees to consider restructuring repayment of loans, says Maldives President Muizzu
11 months, 1 week ago

China agrees to consider restructuring repayment of loans, says Maldives President Muizzu

Firstpost  

Maldives President Mohamed Muizzu said on Saturday that China, the largest external creditor to the country, has agreed to consider restructuring the repayment of loans taken by his country and the governments will initiate negotiations soon. Muizzu told the media in Male after his return from a five-day high-profile state visit to China that he has directly appealed to Chinese …

Sri Lanka says debt restructure finalised by April
11 months, 1 week ago

Sri Lanka says debt restructure finalised by April

The Hindu  

Sri Lanka's bankrupt government said Friday that a foreign debt restructure would be finalised by the beginning of April, after signs the economy was emerging from its worst crisis on record. The IMF released a $337-million second tranche of its four-year loan last month after Colombo secured an "in principle" debt agreement with China, Sri Lanka's biggest bilateral lender. Mr. …

Sri Lanka reaches agreement with India, Paris Club on debt treatment
1 year ago

Sri Lanka reaches agreement with India, Paris Club on debt treatment

The Hindu  

Sri Lanka has reached an “agreement in principle” with India and the Paris Club group of creditors including Japan, on a debt treatment plan that will help the crisis-hit island nation tap the next tranche of the International Monetary Fund’s nearly-$3 billion recovery package. “The OCC and Sri Lanka agreed on the main parameters of a debt treatment consistent with …

No ‘political strings attached’ to China’s support for Sri Lanka: Xi tells Ranil
1 year, 2 months ago

No ‘political strings attached’ to China’s support for Sri Lanka: Xi tells Ranil

The Hindu  

China will continue to assist Sri Lanka without any “political strings attached” and help the country cope with difficulties, President Xi Jinping told his Sri Lankan counterpart Ranil Wickremesinghe on Friday, according to an official statement, even as Colombo attempts to finalise a debt treatment plan with its creditors, including the Asian giant. Noting that Sri Lanka was among the …

Sri Lanka confirms major debt deal with China
1 year, 2 months ago

Sri Lanka confirms major debt deal with China

The Hindu  

The Sri Lankan government has confirmed that it has concluded a preliminary deal with China on the restructuring of its debts to Beijing, seen as a "big step" in the cash-strapped country's economic recovery. China holds about 52% of Sri Lanka’s $46 billion external credit.” The agreement in principle covers approximately $4.2 billion of outstanding debt, it said adding that …

Bankrupt Sri Lanka gets China’s tentative agreement on debt restructure
1 year, 2 months ago

Bankrupt Sri Lanka gets China’s tentative agreement on debt restructure

The Hindu  

Sri Lanka on October 11 welcomed China's tentative agreement to a debt restructure, as the island nation works to restore its ruined finances after suffering its worst-ever economic crisis. The government defaulted on its $46 billion debt last year at a time when months of food and fuel shortages were making life a misery for Sri Lanka's 22 million people. …

At G-20, Japan backs India, not China, as bridge to Global South: Japanese experts
1 year, 3 months ago

At G-20, Japan backs India, not China, as bridge to Global South: Japanese experts

The Hindu  

Beyond the immediate outcomes of the G-20 Summit, one key takeaway with longer term implications is the positioning of India as a key bridge to the “Global South” for Japan and the West, in the view of Japanese experts. “Japan sees a rivalry over the leadership of the ‘Global South’ between India and China, and it is in the interest …

G20 Summit: ‘We should address the question of debt distress,’ says Sitharaman
1 year, 3 months ago

G20 Summit: ‘We should address the question of debt distress,’ says Sitharaman

Live Mint  

As India is holding its presidency for the G20 Summit, Union Finance Minister Nirmala Sitharaman said that India given the consideration of things and developments across the world, addressing the question of debt distress is a must. Sitharaman said, “Given the consideration of things and the developments across the world, we thought we should address this question of debt distress. …

China reiterates support for Sri Lanka’s debt relief ahead of crucial IMF review
1 year, 4 months ago

China reiterates support for Sri Lanka’s debt relief ahead of crucial IMF review

The Hindu  

China has pledged help for Sri Lanka’s debt challenge yet again,even as theRanil Wickremesinghe government tries to finalise the terms of restructuring its foreign loans with bilateral creditors. Chinese Foreign Minister Wang Yi on Wednesday “vowed that China will help Sri Lanka effectively address the challenges of financial debt”, according to a statement from the office of Prime Minister Dinesh …

Finance minister calls for concerted global efforts to restructure debt for poor countries
1 year, 4 months ago

Finance minister calls for concerted global efforts to restructure debt for poor countries

India TV News  

Finance Minister Nirmala Sitharaman on Friday called for concerted global efforts led by rich nations to help indebted countries deleverage at a time when multilaterism is the most potent challenge. Addressing online a G20 session, organised by the finance ministry and the Reserve Bank here, ahead of the grouping's summit next month in New Delhi, she said multilaterism faces the …

India-Japan look to restart trilateral cooperation with Sri Lanka, but with caution
1 year, 4 months ago

India-Japan look to restart trilateral cooperation with Sri Lanka, but with caution

The Hindu  

More than two years after Sri Lanka cancelled a joint India-Japan MoU for the East Container Terminal project in Colombo, the three countries are studying ways of restarting trilateral cooperation, said envoys at a conference in Delhi on Thursday. With India and Japan coming to Sri Lanka’s rescue during last year’s economic crisis, and offering assistance with Sri Lanka’s debt …

G20’s response to debt distress: The case of Sri Lanka
1 year, 5 months ago

G20’s response to debt distress: The case of Sri Lanka

Hindustan Times  

With new challenges and changes in the world order, countries across the globe are embracing new partnerships and risky engagements to fuel their economic growth. The economic crisis in Sri Lanka illustrates this challenge of debt sustainability and management among middle-income countries. This brief uses the economic crisis in Sri Lanka as a case in point to highlight the following …

Nirmala Sitharaman meets Chinese counterpart, discusses global debt vulnerabilities
1 year, 5 months ago

Nirmala Sitharaman meets Chinese counterpart, discusses global debt vulnerabilities

The Hindu  

Finance Minister Nirmala Sitharaman on July 18 met her Chinese counterpart Liu Kun and discussed various deliverables under G20 India Presidency, including strengthening Multilateral Development Banks and global debt vulnerabilities. Minister Liu Kun also appreciated work of the G20 Independent Expert Group for Strengthening MDBs setup under #G20India Presidency," the tweet said. @nsitharaman and Mr Liu Kun, Finance Minister of …

G20 finance chiefs meeting in India address global challenges like climate change and rising debt
1 year, 5 months ago

G20 finance chiefs meeting in India address global challenges like climate change and rising debt

Associated Press  

NEW DELHI — Finance ministers from the Group of 20 nations meeting in India on Monday are poised to address critical global economic challenges, including the threats posed by climate change and rising debt among low-income countries. “The world is looking to the G20 to make progress on key challenges like climate change and pandemics as part of our work …

China to stay out of official creditors’ platform, but Sri Lanka ‘very confident’ of bilateral support
1 year, 5 months ago

China to stay out of official creditors’ platform, but Sri Lanka ‘very confident’ of bilateral support

The Hindu  

China “will not join” the official creditors’ platform negotiating a common debt treatment plan with Sri Lanka, but Colombo is “very confident” of Beijing’s bilateral support to the island’s economic recovery, Foreign Minister Ali Sabry said. In May this year, 17 countries that have extended loans to Sri Lanka formed an “official creditor committee”, co-chaired by India, Japan, and France, …

India Continues To Help Sri Lanka Stand Economically, But Colombo’s Love For Beijing Keeps Soaring
1 year, 5 months ago

India Continues To Help Sri Lanka Stand Economically, But Colombo’s Love For Beijing Keeps Soaring

ABP News  

The day was July 9, 2022 when the world witnessed unprecedented developments taking place in Indian Ocean island nation of Sri Lanka even as a large number of protestors stormed the President’s palace in Colombo that eventually led to an unceremonious escape of then President Gotabaya Rajapaksa to Maldives and then to Singapore. During a two-day visit to China, Sri …

Sri Lanka to restructure domestic debt amid challenges
1 year, 5 months ago

Sri Lanka to restructure domestic debt amid challenges

The Hindu  

Sri Lanka will shut down its banks and financial sector for five days beginning Thursday, ahead of an extraordinary weekend debate in Parliament on the government’s plan to restructure its domestic debt. In May, the IMF pointed to “tentative signs of improvement” in Sri Lanka, while underscoring the need for timely restructuring agreements with the island’s creditors ahead of the …

Sri Lanka has no money to hold presidential polls in 2023: Cabinet spokesman
1 year, 6 months ago

Sri Lanka has no money to hold presidential polls in 2023: Cabinet spokesman

Firstpost  

Sri Lanka Cabinet Spokesman Bandula Gunawardena said that no elections would be possible this year as the state finances have not improved Economic crisis hit Sri Lanka will not be holding a snap presidential election this year as the government wants to focus on debt restructuring, said Cabinet Spokesman Bandula Gunawardena. Denying speculations that the government might opt to hold …

The View from India | A growing India-China divide in South Asia
1 year, 6 months ago

The View from India | A growing India-China divide in South Asia

The Hindu  

While the on-going Line of Actual Control crisis has remained at the focus of India-China relations, the downturn in ties between the neighbours extends to events beyond the border. Events last week underlined the jostling for influence in the region, as India hosted Nepal’s Prime Minister Pushpa Kamal Dahal Prachanda while a senior Chinese official who handles South Asia policy, …

IMF urges crisis-hit Sri Lanka to decide on debt restructuring
1 year, 6 months ago

IMF urges crisis-hit Sri Lanka to decide on debt restructuring

Live Mint  

The International Monetary Fund has urged crisis-hit Sri Lanka to decide on debt restructuring, including with China by this October this year to obtain the applied bailout fund of USD 2.9 billion from the Washington-based financial body. China's delaying tactics clearly indicate that without their assistance, an IMF bailout would be impossible for Sri Lanka, according to a report published …

Timely debt restructuring crucial for Sri Lanka, says IMF
1 year, 7 months ago

Timely debt restructuring crucial for Sri Lanka, says IMF

The Hindu  

Sri Lanka is showing “tentative signs of improvement”, the International Monetary Fund has said, while urging the island nation to reach timely restructuring agreements with its creditors, before the Fund’s first scheduled review in September this year. An IMF mission conducted a staff visit to Sri Lanka From May 11 to 23, to review the implementation of the Fund’s programme …

G7 ‘outreach’ an effort to build consensus on global issues like Ukraine, China, climate change
1 year, 7 months ago

G7 ‘outreach’ an effort to build consensus on global issues like Ukraine, China, climate change

Associated Press  

HIROSHIMA, Japan — Leaders of the Group of Seven wealthy democracies have joined their counterparts from other countries during their summit in Japan to try to expand the G7’s sway and to include voices from the so-called Global South. By including leaders of big but less wealthy democracies like India and Brazil, Japan and the other G7 countries aim to …

Among the elite: The Hindu Editorial on India at the G-7 summit
1 year, 7 months ago

Among the elite: The Hindu Editorial on India at the G-7 summit

The Hindu  

As he left for Japan on Friday to attend the G-7 summit — India is a special invitee — Prime Minister Narendra Modi called India’s attendance “particularly meaningful” this year. While all G-7 countries — the U.S., the U.K., Canada, France, Germany, Italy, Japan and the EU — are united in their efforts to sanction Russia further, it will be …

Sri Lanka trying to reduce overall debt by $17 billion, president says
1 year, 7 months ago

Sri Lanka trying to reduce overall debt by $17 billion, president says

Live Mint  

Sri Lanka is trying to reduce its overall debt by $17 billion through restructuring, its president told the parliament on Wednesday as he sought support of opposition parties for a nearly $3 billion International Monetary Fund programme. President Ranil Wickremesinghe also said the country would discuss debt restructuring with India and the Paris Club of creditors on one platform and …

China left out of Sri Lanka debt talks amid angst over delays
1 year, 8 months ago

China left out of Sri Lanka debt talks amid angst over delays

Live Mint  

Sri Lanka and major creditors are set to formally launch talks to restructure the nation’s debt without China — its biggest bilateral lender — a signal of growing frustration with Beijing’s approach to debt woes in the developing world. Hanging over those wider talks have been concerns about China’s role in negotiations involving countries like Sri Lanka and Zambia, which …

Debt crisis key priority of India’s G20 presidency, says FM in US
1 year, 8 months ago

Debt crisis key priority of India’s G20 presidency, says FM in US

Hindustan Times  

Washington: Reiterating that addressing the growing debt distress was a priority for India’s G20 presidency, Union finance minister Nirmala Sitharaman has emphasised debt transparency, information-sharing, clarity on the comparability of treatment, predictability and timeliness of restructuring process as key principles that should govern the process. Sitharaman made the remarks while co-chairing a meeting of the global sovereign debt roundtable along …

World Bank ensures continued support for Sri Lanka's economic recovery
1 year, 8 months ago

World Bank ensures continued support for Sri Lanka's economic recovery

The Hindu  

The World Bank has assured crisis-struck Sri Lanka of continued support to stabilise the island nation's economy and enhance its economic recovery, State Finance Minister Shehan Semasinghe has said. State Finance Minister Shehan Semasinghe, who is in Washington to attend the 2023 Spring Meetings of the World Bank Group and the International Monetary Fund, said that the global lender extended …

India G20 presidency aims to develop common framework to deal with crypto risks: FM Nirmala Sitharaman
1 year, 8 months ago

India G20 presidency aims to develop common framework to deal with crypto risks: FM Nirmala Sitharaman

The Hindu  

Finance Minister Nirmala Sitharaman has said India’s G20 presidency aims to develop a common framework for all countries to deal with risks associated with cryptocurrencies in the wake of the recent shocks witnessed in the crypto market. She also said G20 is trying to bring together all countries to address debt distress in middle-income and low-income nations like Sri Lanka …

Nirmala Sitharaman urges G20 to come together on debt distress of middle-income countries
1 year, 8 months ago

Nirmala Sitharaman urges G20 to come together on debt distress of middle-income countries

The Hindu  

Ahead of the G20 Finance Ministers and Central Bank Governors meeting on April 12 and 13, Finance Minister Nirmala Sitharaman expressed hope that the group could come together to address the debt distress of middle-income countries. While there could be “one or two” issues on which consensus is not possible, the Finance Minister said India’s presidency “is a great opportunity …

China must show it can play by world debt-revamp rules: IMF
1 year, 8 months ago

China must show it can play by world debt-revamp rules: IMF

Hindustan Times  

China, the biggest bilateral creditor to developing countries, needs to show it can operate within established international debt-relief processes for poor nations struggling to pay, the chief of the International Monetary Fund said. “China has been very slow to recognize that multilateral debt restructuring requires China to play by the rules that are already established,” Managing Director Kristalina Georgieva said …

In too deep: The Hindu Editorial on Sri Lanka’s economic crisis and the IMF aid package
1 year, 8 months ago

In too deep: The Hindu Editorial on Sri Lanka’s economic crisis and the IMF aid package

The Hindu  

The International Monetary Fund’s approval of a 48-month arrangement with Sri Lanka, under the Extended Fund Facility for a $2.9 billion package, has been welcomed by Colombo and its creditors, who President Ranil Wickremesinghe will now have to conclude debt restructuring agreements with. Since last year, New Delhi has been a key part of Sri Lanka’s support structure, appealing on …

IMF approves $3-billion bailout for Sri Lanka; tackling corruption a key condition
1 year, 9 months ago

IMF approves $3-billion bailout for Sri Lanka; tackling corruption a key condition

The Hindu  

The International Monetary Fund on March 20 cleared a $3 billion-Extended Fund Facility for Sri Lanka, potentially unlocking more loans for the debt-ridden island nation that is struggling to recover from last year’s economic meltdown. Identifying corruption as a key issue, an IMF “governance diagnostic mission” has started assessing Sri Lanka’s governance and anti-corruption framework in its first such exercise …

Sri Lanka to get first tranche of $2.9bn bailout in two days: IMF
1 year, 9 months ago

Sri Lanka to get first tranche of $2.9bn bailout in two days: IMF

Al Jazeera  

Global lender says the island nation battling its worst economic crisis in seven decades will get $330m in the next two days. Sri Lanka will get the first $330m tranche of an International Monetary Fund bailout package in the next two days, says the global lender, putting the onus on the cash-strapped country to rein in its debt to sustainable …

Sri Lanka seeks 10-year debt moratorium ahead of IMF bailout
1 year, 9 months ago

Sri Lanka seeks 10-year debt moratorium ahead of IMF bailout

The Hindu  

Cash-strapped Sri Lanka is seeking a 10-year moratorium on its foreign debt, President Ranil Wickremesinghe’s office said on March 20, 2023 on the eve of a desperately needed $2.9 billion IMF bailout. The IMF’s executive board was expected to sign off on Colombo’s bailout application later on Monday after a long delay in securing financial assurances from China, Sri Lanka’s …

The G20 could help fix Sri Lanka’s debt crisis. Will it step up?
1 year, 9 months ago

The G20 could help fix Sri Lanka’s debt crisis. Will it step up?

Al Jazeera  

The G20 includes Sri Lanka’s top lenders and powers with influence. If this group collaborated effectively, it could make debt relief available to Sri Lanka, and strengthen the protections of people’s economic and social rights during a moment of crisis. While IMF financing may be the reason Sri Lanka’s debt is in the news today, creditors should focus on resolving …

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

Firstpost  

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 …

Sri Lanka says ‘positive news’ coming from IMF on $2.9 billion package
1 year, 9 months ago

Sri Lanka says ‘positive news’ coming from IMF on $2.9 billion package

The Hindu  

Sri Lanka is on the verge of getting “very positive news” from the International Monetary Fund on a $2.9 billion programme, a government minister said on Tuesday, while a senior source said it had also won debt restructuring support from China. Sri Lankan President Ranil Wickremesinghe’s office said he would deliver a special statement in parliament on Tuesday to “explain …

G20 agrees on debt relief
1 year, 9 months ago

G20 agrees on debt relief

Deccan Chronicle  

NEW DELHI: Despite having some differences over the wording of the Russia-Ukraine war in the summary after the first G20 meeting of the Finance Ministers and Central Bank Governors under India’s presidency, Union finance minister Nirmala Sitharaman on Sunday said that the G20 nations have agreed on language to deal with the debt vulnerabilities of developing countries. Vulnerable nations are …

India's G20 Summit: What Global Governance Dilemma Means for Modi's Leadership
1 year, 9 months ago

India's G20 Summit: What Global Governance Dilemma Means for Modi's Leadership

The Quint  

If the G20 finance ministers can break the deadlock, it could unlock restructurings in Sri Lanka and Zambia—those worst-affected by sovereign debt defaults, helping them with immediate aid while also renewing hope for other nations seeking desperate debt relief measures. A larger concern that stems from the gridlock seen in the way G20 functions is evident from the fact how …

Nirmala Sitharaman flags need for common understanding of debt challenges
1 year, 9 months ago

Nirmala Sitharaman flags need for common understanding of debt challenges

Live Mint  

New Delhi: Finance minister Nirmala Sitharaman on Saturday flagged the need for a common global understanding of challenges related to sovereign debt as world leaders gathered in Bengaluru for a G20 meeting discussing debt sustainability. Nirmala Sitharaman co-chaired a roundtable on debt on the sidelines of the G20 meeting of finance ministers and central bank governors, along with IMF managing …

Debt load may pose threat to nations: PM
1 year, 9 months ago

Debt load may pose threat to nations: PM

Live Mint  

Prime Minister Narendra Modi cautioned on Friday that unsustainable debt levels posed a threat to the financial stability of nations and called upon G20 finance ministers and central bank governors to work towards restoring stability, confidence, and growth to the global economy. International Monetary Fund managing director Kristalina Georgieva said on Thursday that the IMF, World Bank and India’s G20 …

The G20 must help resolve debt crisis across the world
1 year, 10 months ago

The G20 must help resolve debt crisis across the world

Live Mint  

Debt distress is not merely a macroeconomic problem. As India has assumed the G20 presidency at an uncertain time for the global economy, addressing debt distress, initiating action and devising a coordinated framework for relief would be daunting endeavour.The G20 in 2020 launched a Common Framework which brought creditors such as China and India, along with the IMF, the Paris …

Janet Yellen to visit India for G-20 finance meetings
1 year, 10 months ago

Janet Yellen to visit India for G-20 finance meetings

Associated Press  

WASHINGTON — Treasury Secretary Janet Yellen will travel to India next week to attend Group of 20 finance minister meetings in Bengaluru and will address the global economic impacts of Russia’s invasion of Ukraine as her visit coincides with the one-year anniversary of the invasion. A senior Treasury official who spoke on the condition of anonymity to preview the secretary’s …

China confirms offer to Sri Lanka of debt moratorium
1 year, 10 months ago

China confirms offer to Sri Lanka of debt moratorium

Associated Press  

BEIJING — China’s government on Friday confirmed it is offering Sri Lanka a two-year moratorium on loan repayments as the Indian Ocean island nation struggles to restructure $51 billion in foreign debt that pushed it into a financial crisis. China lent to Sri Lanka as part of Beijing’s multibillion-dollar Belt and Road Initiative to increase trade by building ports and …

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