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Sri Lanka Gets Relief from World Bank as FM Walks a Careful China Line

by Cobus van Staden
Ali Sabry, Foreign Minister of Sri Lanka meets with the Finance Minister of China Liu Kun in Beijing. Image via @alisabrypc

The World Bank announced $700 million in budgetary and welfare support to Sri Lanka on Thursday. The news comes as Sri Lanka’s Foreign Minister Ali Sabry met with China’s Finance Minister Liu Kun and Exim Bank chair Wu Fulin to discuss China’s central role in his country’s debt restructuring.

The WB disbursement is the biggest to go to the debt-distressed country since an IMF support deal in March. $500 million will go to budgetary support, while the other $200 million will boost welfare spending.

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