China infra projects in focus as crisis worsens in Sri Lanka
2 years, 7 months ago

China infra projects in focus as crisis worsens in Sri Lanka

The Hindu  

An airport without planes, a revolving restaurant with no diners, a debt-laden seaport — Sri Lanka’s economic crisis has been exacerbated by Chinese-funded projects that stand as neglected monuments to government extravagance. The South Asian island nation borrowed heavily to plug years of budget shortfalls and trade deficits, but squandered huge sums on ill-considered infrastructure projects that have further drained public finances. Many of the white-elephant projects that helped fuel the current crisis now gather dust in Hambantota district, home of the powerful Rajapaksa clan, which used its political clout and billions in Chinese loans in a failed effort to turn the rural outpost into a major economic hub. got us into trouble,” Murtaza Jafferjee, chairman of Sri Lanka’s Advocata Institute think tank, said.

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History of this topic

Sri Lanka's President plans to visit China after his first overseas trip to India: Official
4 weeks, 1 day 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
2 months, 3 weeks 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 …

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, 4 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
5 months, 4 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 …

China, Sri Lanka forging stronger bonds
8 months, 2 weeks 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, …

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 …

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 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 {{ …

China turns the tables on Wall Street
1 year 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 …

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 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, 2 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, 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. …

US expresses concern to Sri Lanka over China's research ship visit: Report
1 year, 2 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 …

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'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 …

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, 5 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 …

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 …

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 says Sri Lanka’s economic recovery shows signs of improvement but challenges remain
1 year, 6 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. …

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 …

Sri Lanka Burning: Mess of its Own Making or China's Years-long Plan Coming to Fruition?
1 year, 7 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 …

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 …

China loans to Pak, Lanka and other nations worth $240bn in 2 decades: Report
1 year, 8 months ago

China loans to Pak, Lanka and other nations worth $240bn in 2 decades: Report

Hindustan Times  

China helped 22 developing countries which were at the risk of default over the past two decades, a report said. Beijing handout out $240 billion worth of bailout loans to nations which included Belt and Road Initiative countries such as Sri Lanka, Pakistan and Turkey that have received Chinese loans for infrastructure development, the study pointed out. "Beijing has targeted …

Nepal’s economic ties with China raise concerns about ‘debt trap diplomacy’
1 year, 8 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 …

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 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: 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 …

With China’s funding, is Pakistan headed for Sri Lanka-like financial crisis?
1 year, 9 months ago

With China’s funding, is Pakistan headed for Sri Lanka-like financial crisis?

Live Mint  

Pakistan has receive a $700 million loan from China Development Bank, which will boost Pakistan's foreign exchange reserves by 20%. Additionally, China charges higher interest rates than other lenders, which adds to Pakistan's debt servicing costs. In the fiscal year 2021-2022, Pakistan paid around $150 million in interest to China for using a $4.5 billion Chinese trade finance facility. Will …

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 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 …

India’s helping hand for Sri Lanka | The View From India
1 year, 11 months ago

India’s helping hand for Sri Lanka | The View From India

The Hindu  

India last week became the first of Sri Lanka’s creditors to officially back the crisis-hit country’s debt restructuring programme by sending financial assurances to the International Monetary Fund. The IMF has made its $2.9-billion package for Sri Lanka contingent on “receiving financing assurances from the island nation’s official creditors. India’s External Affairs Minister S. Jaishankar, who visited Colombo on January …

After India, China gives financing assurances to Sri Lanka for IMF bailout package
1 year, 11 months ago

After India, China gives financing assurances to Sri Lanka for IMF bailout package

The Hindu  

China has given debt-ridden Sri Lanka the financing assurances required by the IMF to unlock a $2.9 billion bailout package for the country, days after India strongly backed the island nation's efforts to secure the loan from the global lender to recover from its worst-ever economic crisis. The Sunday Times newspaper reported that China’s Exim Bank delivered a letter on …

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, …

Debt restructuring talks with India and China successful, says Sri Lankan President Wickremesinghe
1 year, 11 months ago

Debt restructuring talks with India and China successful, says Sri Lankan President Wickremesinghe

Firstpost  

The announcement comes in the wake of External Affairs Minister S Jaishankar’s three-day visit to Maldives and Sri Lanka starting today. Colombo: Sri Lankan President Ranil Wickremesinghe on Tuesday informed the parliament that talks with India and China on debt restructuring are successful. “We are continuing discussions in that regard and I am pleased to announce to this House that …

Why China cannot write off Sri Lanka’s debt despite leniency by IMF
1 year, 11 months ago

Why China cannot write off Sri Lanka’s debt despite leniency by IMF

Firstpost  

A group of Buddhist monks from Sri Lanka offering prayers at the Bodh Gaya pilgrim centre in India called for Tibetan spiritual leader Dalai Lama to visit their country as it would boost religious tourism and thus help address the nation’s economic crisis. At what looks like a relatively pragmatic level, leading economists from the world over have urged international …

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 …

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