Country: Sri Lanka
Senior U.S. Diplomat Criticizes China’s Role in Sri Lankan Debt Restructuring
Yet another U.S. government official has added to the war of words between Washington and Beijing on debt restructuring. Ramin Toloui, Assistant Secretary for the Bureau of Economic and Business Affairs at the US Department of State, was asked about China’s ...
Stand-off Between China and Western Creditors Leading to Unprecedented Delays In Debt Relief for Poor Countries
Just ten years ago, it usually took less than two months for a debt-distressed country to get a sign-off from the International Monetary Fund for emergency financial relief, but that is no longer the case, according to new data compiled by Reuters.
China’s Premier Promises IMF Chief “Constructive” Cooperation on Debt
Chinese Premier Li Keqiang told the head of the International Monetary Fund that China is open to participating “in a constructive manner” with debt restructuring efforts. During a call with IMF Managing Director Kristalina Georgieva, Li said: “China is willing to take ...
IMF Head Flatly Rejects China’s Call for Multilateral Development Banks to Take Losses on Loans: “Not Possible”
International Monetary Fund Managing Director Kristalina Georgieva flatly rejected China's demand for multilateral development banks (MDBs) to accept losses or "haircuts" for loans to the world's poorest countries. "Not possible" she bluntly declared in an interview with Bloomberg following this weekend's ...
Sri Lanka President to Meet With Chinese Finance Minister in Bid to Unblock Debt Relief
Sri Lankan President Ranil Wickremesinghe will meet with Chinese Finance Minister Liu Kun on Friday for what's been described as "a last-ditch effort" to get Beijing to align with Colombo's other creditors for desperately-needed debt relief. The two will ...
China Unphased by Report IMF May Circumvent Beijing on Sri Lanka Debt Relief
Sri Lankan debt restructuring seems to be hitting a stalemate, judging by Monday’s Foreign Ministry press briefing. Asked about a recent Bloomberg report that the IMF is considering circumventing Chinese approval in providing a relief deal to the bankrupt country, spokesperson Wang Wenbing basically restated China’s current position.
IMF Considers Circumventing China for Sri Lanka’s Emergency Debt Relief
The International Monetary Fund may have found a way to unblock the impasse with China that's blocked Sri Lanka's $2.9 billion emergency financial package. The IMF, according to Bloomberg, is actively considering invoking a rarely used policy that allows the fund to issue ...
China’s Debt Fight Has High Stakes
We’ve covered Chinese lending to the Global South through the boom days of the BRI and the current debt busts cratering Zambia, Sri Lanka and other economies. One of the things we’ve learned is that China plays a weird dual role in the global development finance landscape. ...
India Thinks It Can Persuade China to Take Big Losses on Its Loans to Poor Countries
The Indian government, in its role as rotating head of the Group of 20, is drafting what will no doubt be a controversial proposal that calls on all major international creditors, namely China, to take large losses on its loans to poor countries.
China Sticking to Its Position That Multilateral Banks and Bondholders Must Also Take Losses on Sri Lankan Debt
The Chinese government re-stated on Wednesday that it will not move forward with the Sri Lankan debt restructuring process unless both commercial creditors and multilateral development banks also agree to accept losses on their loans. Ministry officials told Reuters that Spokesperson ...