After Zambia’s Successful Debt Restructuring, Sri Lankans Hope China Will Also Take the Lead to Help Resolve Their Crisis

Arun SANKAR / AFP

Now that Zambia’s Creditor Committee reached a landmark debt restructuring deal with its bilateral lenders, there’s new optimism that the same will happen in Sri Lanka.

The South Asian island state is facing a full-scale economic collapse brought on in part by excessive borrowing including billions of dollars of loans from China. Earlier, Colombo was ineligible to join the G20’s Common Framework that Zambia used to restructure its debts because it was seen as too wealthy. Now, as the crisis is depleting its foreign reserves, that may no longer be the case.

  • Get a daily email packed with the latest China-Africa news and analysis.
  • Read exclusive insights on the key trends shaping China-Africa relations.
  • Full access to the News Feed that provides daily updates on Chinese engagement in Africa and throughout the Global South.

China, Africa and the Global South... find out what’s happening.

Subscribe today for unlimited access.

OR

Already a subscriber? Log in Click Here to Learn More
by Eric Olander

Most Read

1
Developing Countries’ Debt Servicing Costs to China Are Significant, but Nowhere Near as Much as Other Creditors
2 Chinese Military Fans Discuss Why Indonesia Bought Rafale Instead of J-10C
3
Indonesia Begins $5.9 Billion Chinese EV Battery Project Despite Environment Fears
4
Chinese Cargo Planes Secretly Ferrying Supplies to Iran, Claim Online Sleuths
5
Indonesia Goes Nuclear, Taps China and Russia for Modular Reactors
6
China, U.S. Ink Rare Earth Deal; More Trade Pacts Coming

What is The China-Global South Project?

Independent

The China-Global South Project is passionately independent, non-partisan and does not advocate for any country, company or culture.

News

A carefully curated selection of the day’s most important China-Global South stories. Updated 24 hours a day by human editors. No bots, no algorithms.

Analysis

Diverse, often unconventional insights from scholars, analysts, journalists and a variety of stakeholders in the China-Global South discourse.

Networking

A unique professional network of China-Africa scholars, analysts, journalists and other practioners from around the world.

More about CGSP