COLOMBO: Sri Lanka's president said on Tuesday (Mar 7) that China had agreed to restructure its loans to the bankrupt island nation, clearing the final obstacle to a long-awaited International Monetary Fund (IMF) bailout. An unprecedented economic crisis has seen Sri Lanka's 22 million people suffer acute
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.
President Ranil Wickremesinghe's government has been working to repair Sri Lanka's ruined finances and secure the sorely needed IMF rescue package.Wickremesinghe told parliament that Beijing had now agreed to a restructure and that he expected the first tranche from the Washington-based lender's promised US$2.9 billion in funds to be released within the month.
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