Cash-Strapped Sri Lanka Set to Sign Key Debt Deals With China and Other Lenders

A man walks past posters pasted on a roadside wall saying 'good news' in Sinhala language, in Colombo on June 25, 2024, as President Ranil Wickremesinghe is expected to announce a debt restructure deal with bilateral lenders after a sovereign default in April 2022. Ishara S.Kodikara / AFP

Sri Lanka has finalized long-delayed debt deals with its bilateral lenders, including China, to meet a key condition of an IMF bailout, the government said Tuesday.

A treasury delegation is on its way to France to sign agreements with creditors on Wednesday, government spokesman Bandula Gunawardana said.

  • 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 Agence France-Presse

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
China, U.S. Ink Rare Earth Deal; More Trade Pacts Coming
4
Rubio to Welcome Asian ‘Quad’ Back to Washington
5
Chinese-Moroccan Joint Venture Inaugurates EV Battery Parts Plant
6
Six Million Donkeys Slaughtered for Chinese Medicine: Charity

You Might Like

IMF Releases Sri Lanka Loan Despite Restructure Delays

The International Monetary Fund released $336 million as part of a bailout loan installment for Sri Lanka despite delays in the crucial restructuring of its foreign debt, including to China, the Washington-based lender ...

Sri Lanka to Save $5 Billion From Bilateral Debt Deal

Sri Lanka will save $5 billion following the restructuring of its bilateral debt, much of which is owed to China, through slashed interest rates and longer repayment schedules, the president said Tuesday. The ...

Sri Lanka Approves Controversial Foreign Debt Deal

Sri Lanka’s new government has approved a controversial restructure of $14.7 billion in foreign commercial credit tentatively agreed by its predecessor, the finance ministry said Saturday. Former leader Ranil Wickremesinghe announced a deal with international ...

India and China Both Send High-Level Delegations to Sri Lanka This Week to Discuss Debt Crisis

Two of Sri Lanka’s largest bilateral creditors, China and India, are finally taking steps to engage Colombo after months of inaction in resolving the South Asian country’s worsening debt crisis. The Chinese led ...

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