Sri Lanka president Anura Kumara Dissanayake to visit China
Trending News
2 days, 18 hours ago

Sri Lanka president Anura Kumara Dissanayake to visit China

New Indian Express  

COLOMBO: Sri Lankan President Anura Kumara Dissanayake will travel to the island's largest bilateral lender China for talks in January, he said on Saturday, days after completing a long-delayed foreign debt restructuring. China accounted for more than half of Sri Lanka's bilateral debt at the time of the 2022 economic crash, when Colombo ran out of foreign exchange to pay for essential imports such as food, fuel and medicines. Sri Lanka sits astride the world's busiest shipping route, which links the Middle East and East Asia, giving its maritime assets strategic importance. Fitch Ratings upgraded Sri Lanka's long-term foreign currency issuer default rating to CCC+ on Friday.

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History of this topic

Sri Lanka president to visit key lender China
2 days, 18 hours ago

Sri Lanka president to visit key lender China

New Indian Express  

Sri Lankan President Anura Kumara Dissanayake will travel to the island's largest bilateral lender China for talks in January, he said on Saturday, days after completing a long-delayed foreign debt restructure. China accounted for more than half of Sri Lanka's bilateral debt at the time of the 2022 economic crash, when Colombo ran out of foreign exchange to pay for …

Sri Lanka’s new president reassures Modi over Chinese ships
6 days, 6 hours ago

Sri Lanka’s new president reassures Modi over Chinese ships

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Sri Lankan president Anura Kumara …

‘Helped us immensely’: Sri Lankan President Dissanayake thanks India for $5 billion economic support
1 week ago

‘Helped us immensely’: Sri Lankan President Dissanayake thanks India for $5 billion economic support

Hindustan Times  

Sri Lankan President Anura Kumara Dissanayake on Monday thanked India for economic support during the island nation's financial meltdown and crucial assistance in restructuring bilateral debt. Issuing a joint press statement, Prime Minister Narendra Modi said that India's bilateral projects in Sri Lanka is “always” based on Colombo's “development priorities”. Sri Lanka's assurance The Sri Lankan president also assured that …

Sri Lanka president visits India in first overseas trip, to meet PM Modi later today
1 week ago

Sri Lanka president visits India in first overseas trip, to meet PM Modi later today

Hindustan Times  

Sri Lankan President Anura Kumara Dissanayake was in India Monday for his first overseas visit as head of state, vowing to bolster ties between the neighbours. Leftist Anura Kumara Dissanayake came to power in Sri Lanka in September 2024. Leftist Dissanayake, who came to power in September on a pledge to fight corruption, is expected to meet Indian Prime Minister …

How history has come full circle with Sri Lankan President Dissanayake's visit to India
Trending News
1 week, 2 days ago

How history has come full circle with Sri Lankan President Dissanayake's visit to India

New Indian Express  

Anura Kumara Dissanayake, Sri Lanka's newly elected president, is visiting New Delhi for the second time in just 10 months. But Delhi was keenly aware of Sri Lanka's changing political landscape and the possibility of Dissanayake becoming the island's next president, whenever an election was called. In recent years, India has made significant investments in Sri Lanka's infrastructure and will …

Sri Lanka's President plans to visit China after his first overseas trip to India: Official
3 weeks, 6 days ago

Sri Lanka's President plans to visit China after his first overseas trip to India: Official

India TV News  

Colombo: Sri Lankan President Anura Kumara Dissanayake plans to visit China following his proposed official trip to India, Cabinet spokesman Nalinda Jayathissa said on Tuesday. On behalf of Prime Minister Narendra Modi, Minister Jaishankar had extended an invitation to President Dissanayake to undertake a visit to India at a mutually convenient date, according to a local media report. The Chinese …

Sri Lanka Election: ‘Progress over corruption’, litmus test for Anura Dissanayake as voters head to polls on November 14
Trending News
1 month, 1 week ago

Sri Lanka Election: ‘Progress over corruption’, litmus test for Anura Dissanayake as voters head to polls on November 14

Live Mint  

Sri Lanka's new leftist leader, Anura Kumara Dissanayake, has gained unexpected support as he aims to expand his three parliamentary seats into a majority in Thursday's elections. Business leaders have speculated that Sri Lanka could adopt economic models similar to those of China or Vietnam under Dissanayake, whose party logo prominently features the hammer and sickle, symbolizing its communist ideology. …

‘Don’t want to be sandwiched, especially between China and India’: Sri Lankan new President Anura Kumara Dissanayake
2 months, 4 weeks ago

‘Don’t want to be sandwiched, especially between China and India’: Sri Lankan new President Anura Kumara Dissanayake

Hindustan Times  

Sri Lanka’s new President Anura Kumara Dissanayake said the country doesn't want to be sandwiched, especially between China and India, signaling a bold stance on his foreign policy. Sri Lankan new President Anura Kumara Dissanayake waves to supporters during a public rally in Dehiowita. As Sri Lanka navigates its place in an increasingly multipolar world, Anura Kumara Dissanayake, in his …

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 inks pacts with OCC, China to restructure debt
5 months, 3 weeks ago

Sri Lanka inks pacts with OCC, China to restructure debt

Hindustan Times  

New Delhi: Sri Lanka on Wednesday signed separate debt restructuring agreements with the Official Creditors Committee, a group co-chaired by India, and China’s Exim Bank, with New Delhi saying it will continue supporting Colombo’s economic recovery through long-term investments. The Official Creditors Committee is co-chaired by India After the International Monetary Fund’s approval of an extended fund facility for Sri …

Sri Lanka reaches deal on debt restructuring with bilateral creditors including China and France
5 months, 3 weeks ago

Sri Lanka reaches deal on debt restructuring with bilateral creditors including China and France

Associated Press  

COLOMBO, Sri Lanka — Sri Lanka’s President Ranil Wickremesinghe announced a debt restructuring deal with countries including India, France, Japan and China in a televised address to the nation Wednesday. Similarly, we signed another agreement with China’s Exim Bank today in Beijing.. Sri Lanka won,” Wickremesinghe said. Sri Lanka declared bankruptcy in April 2022 and suspended repayments on some $83 …

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 …

Pulling Sri Lanka out of the abyss
10 months, 3 weeks ago

Pulling Sri Lanka out of the abyss

The Hindu  

On January 9, 2024, the United National Party proposed incumbent Ranil Wickremesinghe as the national presidential candidate for the elections. The first review by the IMF Board in December 2023 rated Sri Lanka’s performance as “satisfactory” meaning total IMF disbursement will be $670 million. A joint venture project between India’s Adani Group and Sri Lanka’s John Keells Holdings seeks to …

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 will get the second tranche of a much-need bailout package from the IMF
1 year ago

Sri Lanka will get the second tranche of a much-need bailout package from the IMF

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ …

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 …

Confusion over Sri Lanka granting permission to Chinese survey vessel in October
1 year, 3 months ago

Confusion over Sri Lanka granting permission to Chinese survey vessel in October

Hindustan Times  

Confusion prevails in Sri Lanka over granting permission to Chinese Research vessel Shi Yan 6 to conduct ocean survey off the island nation in October after New Delhi raised its serious concerns with the Ranil Wickremesinghe government. India has officially raised concerns to Sri Lanka for allowing a free run to Chinese survey, surveillance and ballistic missile trackers ships at …

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 …

India to ‘encourage greater investments’ in crisis-hit Sri Lanka
1 year, 11 months ago

India to ‘encourage greater investments’ in crisis-hit Sri Lanka

Al Jazeera  

Sri Lanka’s worst-ever economic crisis is seeing a shortage of foreign currency, runaway inflation and a steep recession. “India will encourage greater investments in the Sri Lankan economy, especially in core areas like energy, tourism and infrastructure,” India’s Foreign Minister Subrahmanyam Jaishankar told reporters in Colombo on Friday. “We count on the government of Sri Lanka to provide a more …

The inevitable geopolitical lens in Sri Lanka
1 year, 11 months ago

The inevitable geopolitical lens in Sri Lanka

The Hindu  

If it’s a conversation on Sri Lanka’s economy, talking points on China and India are inevitable. For Sri Lanka watchers, especially those based in the West or India, that’s a “Chinese debt trap”. The largest chunk of Sri Lanka’s foreign debt is owed to largely Western, private creditors holding International Sovereign Bonds, as a recent statement by global scholars, too, …

Sri Lanka awaiting assurances from India, China, says Central Bank Governor
2 years ago

Sri Lanka awaiting assurances from India, China, says Central Bank Governor

The Hindu  

Sri Lanka is waiting for financing assurances from its bilateral creditors, including India and China, to tap support from the International Monetary Fund, according to Sri Lanka’s Central Bank Governor P. Nandalal Weerasinghe. Balance of Payments With Colombo’s decision to default on its $51-billion foreign debt — the Governor maintained it was a “debt standstill” as against a hard default …

Dragging debt talks in Sri Lanka put spotlight on Chinese loans
2 years ago

Dragging debt talks in Sri Lanka put spotlight on Chinese loans

The Hindu  

As Sri Lanka works hard to obtain financing assurances from its diverse creditors — a pre-requisite for the provisional $2.9 billion-IMF package — the loans obtained from China, the island nation’s largest bilateral lender, have come under sharp focus. Speaking in Parliament on Wednesday, Opposition legislator from the Tamil National Alliance Shanakiyan Rasamanickam accused China of stalling Sri Lanka’s IMF …

Sri Lanka’s Story of Sovereign Default
2 years, 3 months ago

Sri Lanka’s Story of Sovereign Default

The Diplomat  

Sri Lanka has been on a quite a ride this last year. The country defaulted on its foreign debt on April 12 and in July witnessed the resignation of an executive president – both for the first time in Sri Lanka’s history. The tax cuts resulted in a credit rating downgrade in December 2019, making it difficult for Sri Lanka …

Sri Lankans bide time as leaders seek fix for economic woes
2 years, 4 months ago

Sri Lankans bide time as leaders seek fix for economic woes

Associated Press  

COLOMBO, Sri Lanka — Sri Lankans who have endured months of fuel and food shortages are bracing for more pain as a newly installed government scrambles to find solutions to the Indian Ocean nation’s economic emergency. “Because public debt is assessed as unsustainable,” the IMF’s approval would “require adequate financing assurances from Sri Lanka’s creditors that debt sustainability will be …

China can't be absolved of Sri Lanka's collapse
2 years, 5 months ago

China can't be absolved of Sri Lanka's collapse

Live Mint  

The thoroughly grim assessment of Sri Lanka’s economy by its central bank governor over the weekend was overshadowed by the drama around its former president Gotabaya Rajapaksa fleeing last week and the election on Wednesday of Ranil Wickremesinghe as his successor. While Indian credit helped Sri Lanka import fuel as the crisis worsened, Weerasinghe in his 16 July interview said …

Sri Lanka PM trying to fast-track IMF talks
2 years, 6 months ago

Sri Lanka PM trying to fast-track IMF talks

Al Jazeera  

The PM is seeking $4bn from the IMF, China and Japan to pay for food and fuel even as he slashes budget to ‘bare bones’. “But if we start with the IMF, it will be easier for others to help us.” Secretary to the ministry of finance, Mahinda Siriwardana, said Sri Lanka was waiting for an IMF staff level agreement …

Sri Lanka Crisis Updates: Indian, Japanese Envoys Pay Visit to PM Ranil; Leader Struggles to Form Unified Govt as Protesters Remain Defiant
2 years, 7 months ago

Sri Lanka Crisis Updates: Indian, Japanese Envoys Pay Visit to PM Ranil; Leader Struggles to Form Unified Govt as Protesters Remain Defiant

News 18  

Sri Lanka Crisis LIVE Updates: Sri Lanka’s new prime minister struggled Friday to forge a unity government and forestall an imminent economic collapse as opposition lawmakers refused to join his cabinet and demanded fresh elections. The Tamil National Alliance said Rajapaksa’s administration had “completely lost legitimacy” with the appointment of Wickremesinghe, a five-time former prime minister who most recently held …

DC Edit | India can help Sri Lanka more
2 years, 8 months ago

DC Edit | India can help Sri Lanka more

Deccan Chronicle  

The most prominent of the Rajapaksas, President Gotabaya and Prime Minister Mahinda, are determined to hang on to their posts as their island nation is in the throes of its worst ever economic crisis. The greatest threat to the Rajapaksas is, however, the public anger against their corrupt and nepotism-ridden family rule that has been building into a kind of …

Understanding the sovereign debt crisis in Sri Lanka
2 years, 8 months ago

Understanding the sovereign debt crisis in Sri Lanka

The Hindu  

The story so far: The Sri Lankan government on Tuesday decided to default on all its foreign debt worth $51 billion as it awaits financial assistance from the International Monetary Fund. The Sri Lankan government or the central bank, for example, cannot create U.S. dollars out of thin air to pay their foreign debt denominated in U.S. dollars. Thus, the …

Sri Lanka hopeful for $2.5bn rescue loan from China
2 years, 8 months ago

Sri Lanka hopeful for $2.5bn rescue loan from China

Al Jazeera  

The country’s top diplomat said China has reassured him that arrangements for loans, credit lines were underway. Sri Lanka’s top diplomat in Beijing said he’s very confident that China will come through on $2.5 billion in financial support as the island nation’s inflation-driven crisis becomes more dire. Rajapaksa had recently written to Chinese President Xi Jinping directly to seek credit …

Sri Lanka Economic Crisis: Street Lights Off, Forex Reserves Exhausted; What Led To Chaos?
2 years, 8 months ago

Sri Lanka Economic Crisis: Street Lights Off, Forex Reserves Exhausted; What Led To Chaos?

News 18  

The economic crisis in Sri Lanka is deepening and the government there is taking strict measures, including imposing emergency, to deal with the protests over the country’s worst financial woe in decades. Forex Reserves Sri Lanka’s foreign exchange reserves have depleted by 70 per cent to USD 2.3 billion as of February in the past two years, thus impacting the …

China Prefers Messed up Economies, but Sri Lanka’s Mess is of Its Own Making
2 years, 8 months ago

China Prefers Messed up Economies, but Sri Lanka’s Mess is of Its Own Making

News 18  

It always takes a tragedy and some violence for people to wake up and recognise that there is a problem. Sri Lanka’s total debt is 119 per cent of its GDP, of which sovereign bonds make up the maximum share of 40 per cent. Failure to Diversify Another suicidal blow to Sri Lanka’s economy came from its failure to diversify …

Explained: Sri Lanka economic crisis and India's $2.5 billion line of credit
2 years, 8 months ago

Explained: Sri Lanka economic crisis and India's $2.5 billion line of credit

Hindustan Times  

Sri Lanka faces its worst economic crisis in decades. Sources told Reuters Sri Lanka finance minister Basil Rajapaksa will also meet with World Bank officials next month to seek support from the United States-headquartered agency. Essentially Sri Lanka is deeply in debt - by some estimates it owes around 119 per cent of its GDP, which means it has borrowed …

Imploding island: Sri Lanka on brink of ruin
2 years, 10 months ago

Imploding island: Sri Lanka on brink of ruin

The Hindu  

Crisis after crippling internal crisis is rocking Sri Lanka, even as the island nation struggles between an unyielding India, which is making some attempts to retain its pre-eminence in South Asia, and an assertive China, which is determined to extract its pound of flesh by using all means at its disposal. On January 18, India announced “a new Line of …

Deepening debt crisis in Sri Lanka stokes controversy over Chinese lending
2 years, 11 months ago

Deepening debt crisis in Sri Lanka stokes controversy over Chinese lending

Live Mint  

A deepening debt crisis has left Sri Lanka struggling to pay for imports and stoked political controversy over Chinese lending to the South Asian nation as part of Beijing’s global Belt and Road infrastructure program. That warning followed his appeal last week to visiting Chinese Foreign Minister Wang Yi for Beijing to restructure its debt, provide concessional trade terms, and …

Sri Lanka seeks Chinese debt restructuring amid crisis
2 years, 11 months ago

Sri Lanka seeks Chinese debt restructuring amid crisis

The Hindu  

Sri Lankan President Gotabaya Rajapaksa on Sunday sought Chinese assistance to restructure the debt owed by the island nation to the Asian giant. “The President pointed out that it would be a great relief to the country if the attention could be paid on restructuring the debt repayments as a solution to the economic crisis that has arisen in the …

Sri Lanka borrowing from cash-king China a post-pandemic reality India must accept
4 years, 2 months ago

Sri Lanka borrowing from cash-king China a post-pandemic reality India must accept

Firstpost  

All New Delhi can hope for is that next time the Chines comes to collect, Sri Lanka doesn’t give up another portion of its sovereign territory, further strengthening the Chinese in India’s backyard India’s fears of Sri Lanka, under President Gotabaya Rajapaksa, dipping further into Chinese debt seems to be proving true earlier than thought with the country seeking an …

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