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China Unexpectedly Backs Sri Lanka Debt Plan, Clearing the Way for Desperately-needed IMF Rescue Funds

by Eric Olander

After months of delays and obfuscation, the China Exim Bank suddenly and unexpectedly reversed course this week and agreed to fully support Colombo’s debt restructuring plan.

President Ranil Wickremesinghe broke the news on Tuesday when he told parliament that China Exim would join India and Paris Club creditors to provide “specific and credible” financing assurances that met the IMF’s prerequisites for a $2.9 billion emergency financial package.

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