Newsnight Global: Sri Lanka Join us at 10:30pm on BBC 2 for a special show in Colombo, Sri Lanka Tonight we will ask what is the future of Sri Lanka and what the island nation's plight tells us about the global economic crisis?
Sri Lanka's central bank has urged China and India to agree a write-down of their loans as soon as possible.But the International Monetary Fund will not release the cash until China and India first agree to reduce Sri Lanka's billions of dollars of debt.
The World Food Programme estimates that 8 million Sri Lankans - more than a third of the population - areThe economic turmoil sparked mass protests last year, which resulted in the former president fleeing the country in July.The governor of Sri Lanka's central bank P. Nandalal Weerasinghe urged China and India to act quickly
Independent analysts say China is concerned about what a substantial Sri Lankan debt write down could mean for its extensive lending to other developing countries through its Belt and Road programme. "We hope that they do not delay because Sri Lanka does not have time to delay. They need these assurances immediately," ambassador Chung told BBC Newsnight.
In the years after Argentina plunged into economic crisis and default in 2001, some American hedge funds, rather than accepting a restructuring of the sovereign bonds they had bought on the open market, demanded full repayment and took the country's government to court in the US to achieve it.
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