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China is Pushing For a Major Change in Global South Debt Restructuring

Chinese Foreign Ministry Spokesperson Mao Ning confirmed that the China Exim Bank will offer Sri Lanka a two-year debt repayment moratorium. Image via the Chinese Ministry of Foreign Affairs.

The Chinese government provided its first official confirmation that it will provide Sri Lanka with a two-year debt repayment moratorium on $2.83 billion of loans owed to The China Exim Bank.

Foreign Ministry spokesperson Mao Ning’s statement on Friday was intended, in part, to serve as a rebuttal to critics, including the U.S. Under Secretary of State Victoria Nuland, who’ve accused Chinese creditors of not doing enough to help relieve Sri Lanka’s debt crisis and for being a potential “spoiler.”

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