The bailout has been held up by debt negotiations with China, Sri Lanka's largest bilateral creditor. Read more at straitstimes.com.
COLOMBO - Sri Lanka’s president said on Tuesday that China had agreed to restructure its loans to the bankrupt island nation, clearing the final obstacle to a long-awaited International Monetary Fund bailout.
An unprecedented economic crisis has seen Sri Lanka’s 22 million people suffer acute food, fuel and medicine shortages, along with extended blackouts and runaway inflation. President Ranil Wickremesinghe’s government has been working to repair Sri Lanka’s ruined finances and secure the sorely needed IMF rescue package.Mr Wickremesinghe told parliament that Beijing had now agreed to a restructure.promised US$2.9 billion in funds“We have done our part, I hope the IMF will do theirs,” he said in a special address to lawmakers.
Mr Wickremesinghe said the state-owned Exim Bank of China had sent a letter to the IMF on Monday night signalling its willingness to go ahead with a restructure.defaulted on its US$46 billion foreign debtJust over US$14 billion of that is bilateral debt owed to foreign governments, of which China holds 52 per cent.
Mr Wickremesinghe’s government entered into a staff-level agreement with the IMF for a US$2.9 billion rescue package in September.Japan and India, its other biggest creditors, along with a host of others known as the “Paris Club” creditor nations, had
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