The Sri Lankan Collapse: Colombo Must Get Its Act Straight and Keep The China Card on a Leash
2 years, 9 months ago

The Sri Lankan Collapse: Colombo Must Get Its Act Straight and Keep The China Card on a Leash

News 18  

India’s southern neighbour Sri Lanka is in a crippling financial crisis, one that it has not seen since its independence. Then in April 2021, the Sri Lankan government experimented with the food security of the nation and banned imports of chemical fertilisers to become the world’s first nation to farm organic only. Sri Lanka fell hard into the Chinese debt trap, and the dangers of China’s predatory loans were realised globally. Knowing full well that becoming China’s gateway into the Indian Ocean is not a tag to be proud of but to be gravely concerned about, not just because of India’s security concerns, but because Sri Lanka itself is no stranger to Chinese imperialism, the Rajapaksas have still shown a reckless affinity for expensive Chinese loans while expecting to be rescued by India. For India, it’s an opportunity to outpace China’s rising economic influence with growing soft power and perhaps even convince Sri Lanka to make better choices.

India Sri Lanka Economic Loans Debt Chinese Nation Lanka Sri Imf Rajapaksas Rajapaksa Sri Lankan Lankan Hard Loans China Card  debt  collapse  lankan  india  economic  straight  nation  rajapaksa  colombo  leash  act  lanka  sri  china  card  loans

History of this topic

Dissanayake in Beijing: Why Sri Lanka must look harder at what it’s signing on with China
3 hours, 5 minutes ago

Dissanayake in Beijing: Why Sri Lanka must look harder at what it’s signing on with China

Firstpost  

As Sri Lankan President Dissanayake meets Xi Jinping in Beijing, a look at China’s economic grip on Sri Lanka’s economic sovereignty, and the goodwill that India has shown towards its southern neighbour during financial hardship and political turmoil When Sri Lankan President Anura Kumara Dissanayake meets his host, Chinese President Xi Jinping, at the Great Hall of the People in …

Sri Lanka president to visit key lender China
3 weeks, 4 days 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 …

DC Edit | India, Sri Lanka head to a win-win relationship
4 weeks ago

DC Edit | India, Sri Lanka head to a win-win relationship

Deccan Chronicle  

All the signs are pointing to the possibility of a major win for India’s foreign policy as the meeting between Sri Lankan President Anura Kumara Dissanayake and Prime Minister Narendra Modi went off swimmingly. The swivel away from China and a new direction in restoring old civilisational ties with India may have come not only because of the leadership change …

When Colombo comes calling
4 weeks ago

When Colombo comes calling

Hindustan Times  

It is significant that Sri Lankan President Anura Kumara Dissanayake used his first meeting with Prime Minister Narendra Modi to convey an assurance that his government will not allow Sri Lankan soil to be used against Indian interests. Dissanayake also conveyed Sri Lanka’s appreciation for the economic aid worth nearly $4 billion that was provided by India during the unprecedented …

India unveils measures to help Lankan economy recover
4 weeks, 1 day ago

India unveils measures to help Lankan economy recover

Hindustan Times  

New Delhi New Delhi: President Droupadi Murmu with Sri Lankan President Anura Kumara Dissanayake during a banquet hosted by her in his honour at Rashtrapati Bhavan, in New Delhi, Monday. India on Monday unveiled a slew of measures to boost development and physical and energy connectivity with Sri Lanka, with Prime Minister Narendra Modi assuring President Anura Kumara Dissanayake of …

Sri Lanka's President plans to visit China after his first overseas trip to India: Official
1 month, 2 weeks 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 …

India’s foreign minister becomes the first such dignitary to visit Sri Lanka since the election
3 months, 1 week ago

India’s foreign minister becomes the first such dignitary to visit Sri Lanka since the election

Associated Press  

COLOMBO, Sri Lanka — India’s Foreign Minister S. Jaishankar met Sri Lanka’s newly elected President Anura Kumara Dissanayake Friday in the first such visit of a dignitary since a new government took office in the island nation last month, amid questions over how Dissanayake would balance between regional powers China and India. At the same time, China’s support to restructure …

Sri Lanka to lift ban on foreign research vessels next year
6 months, 1 week ago

Sri Lanka to lift ban on foreign research vessels next year

The Hindu  

Sri Lanka will resume permitting calls from foreign research vessels at its ports from next year, as the government “cannot only block China”. In January 2024, Sri Lanka banned the visit of foreign research vessels after India and the United States voiced concern over the visit of at least two Chinese research vessels, Shi Yan 6 and Yuan Wang 5, …

Sri Lanka inks pacts with OCC, China to restructure debt
6 months, 2 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 seals debt deal with Official Creditor Committee after financial crisis
6 months, 2 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
7 months 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 …

China, Sri Lanka forging stronger bonds
9 months, 1 week ago

China, Sri Lanka forging stronger bonds

China Daily  

Premier Li Qiang meets with Sri Lankan Prime Minister Dinesh Gunawardena on March 26 at the Great Hall of the People in Beijing. More recently, Sri Lanka's Prime Minister Dinesh Gunawardena, paid a six-day visit to China, from March 25-30. Gunawardena highlighted the opportunities available for investment in Sri Lanka, including in the Colombo Port City and Hambantota Industrial Zone, …

Shame on India for its coercion of Sri Lanka: China Daily editorial
11 months, 1 week ago

Shame on India for its coercion of Sri Lanka: China Daily editorial

China Daily  

Some Indian media outlets seemed irrepressible when they reported "India beats China in diplomatic duel" earlier this week, referring to an Indian Navy submarine visiting Colombo, capital of Sri Lanka, on the weekend, shortly after the island country suspended its reception of Chinese research ships under New Delhi's pressure. To begin with, New Delhi has been smearing China's marine research …

Pulling Sri Lanka out of the abyss
11 months, 2 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 will get the second tranche of a much-need bailout package from the IMF
1 year, 1 month 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 {{ …

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

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

Associated Press  

COLOMBO, Sri Lanka — The International Monetary Fund executive board approved the release of the second tranche of a $2.9 billion dollar bailout package to help Sri Lanka recover from the worst economic crisis in its history. In a statement, the fund said the decision Tuesday to release $337 million came after Sri Lanka had made “commendable progress” toward debt …

China turns the tables on Wall Street
1 year, 1 month ago

China turns the tables on Wall Street

Live Mint  

China is upending how the international financial system handles debt crises in the developing world. China expects bondholders to take greater losses than official creditors and for multilateral banks to forgo some of what they were owed—a reversal of the Paris Club norm, people familiar with the matter said. “The onus was on the Paris Club members that had experience …

The second installment of Sri Lanka’s bailout was delayed. The country hopes it’s coming in December
1 year, 1 month ago

The second installment of Sri Lanka’s bailout was delayed. The country hopes it’s coming in December

Associated Press  

COLOMBO, Sri Lanka — The governor of Sri Lanka’s Central Bank said Friday he’s confident it will receive the second instalment of a $2.9-billion bailout package from the International Monetary Fund before the end of the year, after payment was delayed due to inadequate oversight and debt restructuring. The IMF’s review in September said Sri Lanka’s economy was recovering, but …

China keen on extending China-Myanmar Economic Corridor to Sri Lanka
1 year, 1 month ago

China keen on extending China-Myanmar Economic Corridor to Sri Lanka

The Hindu  

China is “prioritising” the extension of the China-Myanmar Economic Corridor to Sri Lanka, the country’s Special Envoy told President Ranil Wickremesinghe on Monday, in an indication that China is looking to scale up the Belt and Road Initiative project in South Asia. Paying a courtesy call on the Sri Lankan President, Special envoy of the Chinese President, state councillor Shen …

Sri Lanka allows Chinese research ship to dock as India's security concerns grow
1 year, 2 months ago

Sri Lanka allows Chinese research ship to dock as India's security concerns grow

The Hindu  

A Chinese research ship docked at a Sri Lankan port on October 25, likely adding to neighbouring India's concerns about China’s growing influence in the Indian Ocean. But Sri Lanka’s economic collapse last year provided an opportunity for India as New Delhi stepped in with massive financial and material assistance. Two weeks ago, Sri Lanka reached an agreement with Export-Import …

Sri Lanka allows a Chinese research ship to dock as neighboring India’s security concerns grow
1 year, 2 months ago

Sri Lanka allows a Chinese research ship to dock as neighboring India’s security concerns grow

Associated Press  

COLOMBO, Sri Lanka — A Chinese research ship docked at a Sri Lankan port on Wednesday, likely adding to neighboring India’s concerns about China’s growing influence in the Indian Ocean. China has been trying to expand its influence in Sri Lanka, which is located on one of the world’s busiest shipping routes in what India considers part of its strategic …

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 says it has reached an agreement with China’s EXIM Bank on debt, clearing IMF funding snag
1 year, 3 months ago

Sri Lanka says it has reached an agreement with China’s EXIM Bank on debt, clearing IMF funding snag

Associated Press  

COLOMBO, Sri Lanka — Sri Lanka says it has reached an agreement with the Exim Bank of China on key terms and principles for restructuring its debt, a key step toward unlocking a second instalment of a $2.9 billion package from International Monetary Fund aimed at rescuing the island nation from a dire economic crisis. The finance ministry said in …

Sri Lanka confirms major debt deal with China
1 year, 3 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 …

US expresses concern to Sri Lanka over China's research ship visit: Report
1 year, 3 months ago

US expresses concern to Sri Lanka over China's research ship visit: Report

India Today  

The US has expressed concern to Sri Lanka about the likely visit of a Chinese research ship next month that could also cause worries in India, which in the past has raised security concerns over docking by China's spy vessels, according to a media report. US Under Secretary Victoria Nuland, who met Sri Lankan Foreign Minister Ali Sabry in New …

AidData Report Warns of a Chinese Naval Base in Sri Lanka’s Hambantota Port
1 year, 3 months ago

AidData Report Warns of a Chinese Naval Base in Sri Lanka’s Hambantota Port

The Diplomat  

A recent report by AidData, a research lab at the College of William and Mary in Williamsburg, Virginia, claimed that China might establish a naval base in Sri Lanka’s Hambantota Port in the next two to five years. The AidData report, titled “Harboring Global Ambitions: China’s Ports Footprint and Implications for Future Overseas Naval Bases,” identified eight locations where China …

Confusion over Sri Lanka granting permission to Chinese survey vessel in October
1 year, 4 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's Compulsions for LAC De-Escalation: ​India’s Infra to International Pressure
1 year, 4 months ago

China's Compulsions for LAC De-Escalation: ​India’s Infra to International Pressure

News 18  

As Prime Minister Narendra Modi on Thursday held talks with China’s President Xi Jinping on the sidelines of the BRICS Summit in South Africa, amid a stand-off between the two countries in Ladakh, government sources listed exclusively for News18 the reasons forcing Beijing to de-escalate the situation at the Line of Actual Control. According to Foreign Secretary Vinay Mohan Kwatra, …

Sri Lanka ‘processing’ China's request for research ship docking that may raise security concerns in India
1 year, 4 months ago

Sri Lanka ‘processing’ China's request for research ship docking that may raise security concerns in India

The Hindu  

Sri Lanka is currently processing a request by China to allow a research ship to dock in the country, a foreign ministry spokesperson said on August 23, a year after a visit by a Chinese spy vessel to the Island nation raised security concerns in India. The Chinese research vessel 'SHI YAN 6' is expected to arrive in Sri Lanka …

China research ship requests Sri Lanka port call
1 year, 4 months ago

China research ship requests Sri Lanka port call

The Hindu  

China has requested permission for a research ship to dock in Sri Lanka, Colombo said on August 22, following a visit by a spacecraft-tracking vessel last year that sparked security concerns from India. Last year, India raised concerns over a Sri Lanka port call in Hambantota by Chinese research vessel Yuan Wang 5, which specialises in spacecraft tracking and which …

How China's absence in Sri Lanka's economic meltdown creates strategic opening for India
1 year, 4 months ago

How China's absence in Sri Lanka's economic meltdown creates strategic opening for India

Firstpost  

China, not quite an iron brother of Sri Lanka’s like Pakistan, surprisingly stayed in the wings during Colombo’s economic meltdown last year, creating strategic space for New Delhi. During Sri Lanka’s first sovereign default in April 2022, approaching IMF for bailout of $3 billion and the rescue efforts including debt treatment China preferred to stay out allowing India to take …

Sri Lanka on path of economic recovery: FM Shehan Semasinghe
1 year, 5 months ago

Sri Lanka on path of economic recovery: FM Shehan Semasinghe

The Hindu  

Shehan Semasinghe, State Minister of Finance Sri Lanka, said the island nation is on a recovery path after the worst economic crisis it faced in 2022, and there are opportunities for investors to take part in its growth story. The Sri Lanka government has embarked on a slew of reforms to tide over the crisis in the last 15 months, …

Still incomplete: on India-Sri Lanka ties and their vision
1 year, 5 months ago

Still incomplete: on India-Sri Lanka ties and their vision

The Hindu  

With a joint statement on economic cooperation, India and Sri Lanka outlined a forward-looking vision for their relations. The statement, entitled “Promoting Connectivity, Catalysing Prosperity: India-Sri Lanka Economic Partnership Vision”, released after talks between Prime Minister Narendra Modi and Sri Lankan President Ranil Wickremesinghe in Delhi last week, lays out the vision in five areas: maritime, air, energy, trade and …

How India has revamped its approach to engage with Sri Lanka amid China's growing presence in the Indo-Pacific Region
1 year, 5 months ago

How India has revamped its approach to engage with Sri Lanka amid China's growing presence in the Indo-Pacific Region

Firstpost  

India’s accelerated overtures to Sri Lanka in the past few years are emblematic of its engagements in the wider Indo-Pacific Region Sri Lankan President Ranil Wickremesinghe’s visit to India on 20-21 July came at a time when the ties between the two neighbours have been in flux for the past few years. India’s strategic engagements with Sri Lanka gained traction …

ECONOMIC PERSPECTIVES | Sri Lankan debt crisis to get worse if IMF prescription is heeded
1 year, 6 months ago

ECONOMIC PERSPECTIVES | Sri Lankan debt crisis to get worse if IMF prescription is heeded

The Hindu  

Published : Jul 13, 2023 11:00 IST - 6 MINS READ On July 1, Sri Lanka’s parliament approved, through a majority 122-62 vote, a plan to restructure the government’s domestic debt, which totalled 15.4 trillion Sri Lankan rupees at the end of March 2023. At that point in time, of the government’s total debt of $86.5 billion, $46.9 billion was …

Sri Lanka declares five-day holiday to avoid bank run over IMF debt deal
1 year, 6 months ago

Sri Lanka declares five-day holiday to avoid bank run over IMF debt deal

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 Lanka has declared a …

India Continues To Help Sri Lanka Stand Economically, But Colombo’s Love For Beijing Keeps Soaring
1 year, 6 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, 6 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 …

IMF says Sri Lanka’s economic recovery shows signs of improvement but challenges remain
1 year, 7 months ago

IMF says Sri Lanka’s economic recovery shows signs of improvement but challenges remain

Associated Press  

COLOMBO, Sri Lanka — Debt-stricken Sri Lanka, which declared bankruptcy last year, is showing signs of economic improvement but its recovery still faces challenges, the International Monetary Fund said Friday. But the economic recovery remains challenging,” said IMF deputy managing director Kenji Okamura after concluding a visit to Sri Lanka, where he met with the country’s top leaders and officials. …

India Extends $1 Billion Credit Line To Sri Lanka For Another Year Amid Economic Crisis
1 year, 7 months ago

India Extends $1 Billion Credit Line To Sri Lanka For Another Year Amid Economic Crisis

ABP News  

In a move to assist Sri Lanka in overcoming its severe economic crisis, India has extended its under-utilized USD 1 billion credit line for an additional year. The agreement between the State Bank of India and the Sri Lankan government was initially signed in March of last year, during the height of the country's economic turmoil. The Indian High Commission …

Sri Lanka Burning: Mess of its Own Making or China's Years-long Plan Coming to Fruition?
1 year, 8 months ago

Sri Lanka Burning: Mess of its Own Making or China's Years-long Plan Coming to Fruition?

News 18  

Sri Lanka is going through a severe economic crisis, the likes of which only a few countries in the world have witnessed. The Hambantota International Port project was a politically motivated infrastructure project, which started in the home district of the Rajapaksa family that led Sri Lanka’s government from 2005-2014 and from 2019-2022. Debt restructuring and China’s role The only …

Crisis-hit Sri Lanka to see economic contraction in 2023: Report
1 year, 9 months ago

Crisis-hit Sri Lanka to see economic contraction in 2023: Report

Live Mint  

Crisis-hit Sri Lanka is estimated to see a contraction in its economic growth this year, according to Asian Development Bank data. The Washington-based financial body has recently approved a 48-month arrangement under the Extended Fund Facility of about USD 3 billion to support Sri Lanka's economic policies and reforms. The needed reforms, according to the development bank's Asian Development Outlook …

Nepal’s economic ties with China raise concerns about ‘debt trap diplomacy’
1 year, 9 months ago

Nepal’s economic ties with China raise concerns about ‘debt trap diplomacy’

Live Mint  

China's ambition to establish its dominance in the South Asian region has been a long-standing strategy. As per a report by the Nepalese daily Pardafas, China, which is rooted in the "Middle Kingdom" complex, is using tactics to achieve its objectives by trapping Nepal in a debt cycle. The recently inaugurated Pokhara International Airport was funded by a loan of …

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 …

Sri Lanka's crisis-hit economy shrank by record 7.8% last year
1 year, 9 months ago

Sri Lanka's crisis-hit economy shrank by record 7.8% last year

Firstpost  

An unprecedented economic crisis sparked huge protests in the island nation, culminating last July when a mob stormed the home of then-president Gotabaya Rajapaksa, forcing him to flee the country and resign Colombo, Sri Lanka: Sri Lanka’s crisis-hit economy shrank a record 7.8 per cent last year as long blackouts and critical fuel shortages put a chokehold on local commerce, …

Sri Lanka leader says IMF deal imminent after China’s pledge
1 year, 10 months ago

Sri Lanka leader says IMF deal imminent after China’s pledge

Associated Press  

COLOMBO, Sri Lanka — Sri Lanka’s president said Tuesday that China has given crucial debt restructuring assurances that mean the bankrupt Indian Ocean nation could get its $2.9 billion bailout package approved soon. He said, however, that difficult economic reforms needed to be carried out as agreed with the IMF and Sri Lanka can’t afford to sidestep from them as …

Sri Lanka: China agrees to restructure loans, says President Ranil Wickremesinghe
1 year, 10 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 …

Won’t allow anything harmful for India’s security: Sri Lankan foreign minister
1 year, 10 months ago

Won’t allow anything harmful for India’s security: Sri Lankan foreign minister

Hindustan Times  

Sri Lanka won’t allow any country to make the island nation a hub for anything that is harmful to India’s national security interests, Sri Lankan foreign minister MUM Ali Sabry said against the backdrop of bilateral ties taking a hit after a Chinese surveillance vessel visited Hambantota port last year. The Sri Lankan high commissioner has often talked about India’s …

Explained: How Pakistan is following Sri Lanka's footsteps in China's debt trap
1 year, 10 months ago

Explained: How Pakistan is following Sri Lanka's footsteps in China's debt trap

Firstpost  

China, which is Pakistan’s single-largest creditor — owning 30 per cent of its total external debt — is set to grant a $700 million loan through its China Development Bank. The loan, which Beijing will grant through its China Development Bank is set to boost Pakistan’s forex reserves by 20 per cent. Let’s take a closer look at how this …

China expresses support for Sri Lanka ahead of debt meeting
1 year, 10 months ago

China expresses support for Sri Lanka ahead of debt meeting

Associated Press  

BEIJING — China expressed support for Sri Lanka ahead of a meeting Friday of government lenders to poor economies but did not say if it would help reduce a multibillion-dollar debt that has plunged the Indian Ocean nation into financial and political turmoil. The IMF’s managing director, Kristalina Georgieva, said last month the agency was talking with Beijing about ways …

Discover Related