China’s commitment to supporting Sri Lanka’s debt restructuring in line with other bilateral creditors is a major step towards securing a rescue package from the International Monetary Fund.
However, it’s still unclear how negotiations will proceed, as the country suffers from food and drug shortages while waiting for a $2.9 million IMF rescue program. The next step is for Sri Lanka to formulate a concrete debt restructuring plan, to be submitted to the IMF.
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