Country: Sri Lanka
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Sri Lanka Hints at Lukewarm Response to China Exim Bank’s Debt Moratorium Offer
The China Exim Bank has reportedly agreed to grant Sri Lanka a two-year debt repayment moratorium, according to a letter sent by the Chinese policy bank to the Finance Ministry in Colombo. The letter, which has not been made public
India Supports Sri Lanka’s Debt Restructuring Process
Sri Lanka has reportedly secured India’s support for its debt restructuring process. According to Reuters, an Indian Finance Ministry official sent a message to the International Monetary Fund that it “strongly supports” the debt-ridden country’s economic recovery plan. Indian External Affairs
Dalai Lama Invite Complicates China-Sri Lanka Cooperation
Sri Lanka’s desperate attempts to get China’s support for its debt restructuring could be blown up from the inside. This follows an invitation from senior Buddhist clerics to the Dalai Lama to visit the bankrupt island state. The Chinese embassy was predictably ...
India’s External Affairs Minister Heads to Sri Lanka After China Sends Positive Signals on Debt Deal
The Sri Lankan government is now on the verge of closing a deal to secure a $2.9 billion emergency financial package from the International Monetary Fund following new assurances from its two largest bilateral creditors, India and China. Colombo got the desperately ...
The Chinese Embassy in Sri Lanka Goes on a Furious Twitter Rant to Rebut U.S. Ambassador’s “Spoiler” Accusations
The Chinese embassy in Sri Lanka did not take well to U.S. Ambassador Julie Chung's accusation that China is a potential "spoiler" in the South Asian country's debt restructuring process. The embassy was furious over remarks Chung made in an interview ...
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 the charge. Chen Zhou, vice minister of the ...
Sri Lanka Caught in the Middle of China and India’s Geopolitical Rivalry
BBC Economics Editor Ben Chu returned to Colombo recently to report on Sri Lanka's fraught position in the middle of India and China's increasingly bitter feud and what the implications are for the island's badly-needed debt restructuring process.
Ghana Shows the Global South’s Debt Problem is Bigger than China
The news that Ghana has defaulted on its external debt is sending shivers through the continent. It immediately raises questions about how the Ghanaian people will overcome the crisis and which country could be next. In response to the default, today’s newsletter examines the debt issue from ...
New Report Debunks Chinese Debt Trap Narrative in Sri Lanka
The Chinese debt trap narrative was started based on the purported surrender of the Port of Hambantota in Sri Lanka. When Colombo fell behind in its payments to the China Exim Bank for the loan, the story goes, Beijing seized the ...
WEEK IN REVIEW: More Details About Sri Lanka’s Economic Recovery Program Is Emerging
More details about Sri Lanka’s economic recovery program is emerging as the country struggles to restructure its debt, about a fifth of which is owed to China. The country’s Foreign Minister, Ali Sabry told Reuters his government is expecting as much as $5 billion in loans next year ...
New Research Reveals Sri Lanka’s Debts to China Are Much Higher Than Previously Reported
New data reveals Sri Lankan borrowers owe China's main policy banks significantly more money than had been previously reported, an important revelation as the embattled South Asian country lobbies its creditors for debt relief. Chinese loans to Sri Lanka totaled $7.4 ...
Long Awaited Debt Restructuring Talks Between China and Sri Lanka Get Underway
Sri Lankan President Ranil Wickremesinghe confirmed that after months of inaction, debt restructuring talks with China have finally begun. The President said in a statement on Sunday that he personally spoke with Chinese Finance Minister Liu Kun on the issue and that a ...