Country: Sri Lanka
IMF Tells Sri Lanka to Gets Its Creditors in Line, Prompting Showdown With China
The Sri Lankan government suffered another setback in its ongoing effort to secure a $2.9 billion emergency financing package from the International Monetary Fund after the lender informed Colombo it would have to secure more assurances from its creditors, namely China, to provide debt relief. ...
Paris Club Calls Out China Over Sri Lankan Debt Relief
The Paris Club of wealthy creditor states turned up the pressure on China to resolve the current impasse that's blocking debt relief for Sri Lanka and other developing countries. “The Paris Club members as well as Hungary and Saudi Arabia urged other official ...
China-IMF Spat Over Debt Relief Intensifies Following Fund Chief’s Call for Beijing to Change Its Ways
The war of words between China and Western-led multilateral institutions about developing country debt is escalating. China’s party-owned tabloid Global Times has reacted to a recent CBS 60 Minutes interview with International Monetary Fund (IMF) Managing Director Kristalina Georgieva, in which she said: "China has to change its policies ...
China is Pushing For a Major Change in Global South Debt Restructuring
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, ...
China-IMF Impasse in Sri Lanka “Has to be Broken, One Way or Another,” Says Debt Expert
Brad Setser, a senior fellow at the Council on Foreign Relations and a noted sovereign debt expert, wrote a brief analysis of why the China Exim Bank's offer of a two-year debt moratorium is "insufficient". (The following transcript has been lightly ...
Top State Department Official Says China’s Debt Relief Offer to Sri Lanka is “Not Enough”
Another senior U.S. diplomat has accused China of not doing enough to resolve Sri Lanka’s debt renegotiation, a sign that the island’s financial crisis is increasingly being framed geopolitically. U.S. Under Secretary of State for Political Affairs, Victoria Nuland said: "What China has offered ...
What’s Driving the Steady Decline in Chinese Overseas Development Lending?
There was a time when Chinese lending to developing countries rivaled the World Bank. Those days are now long gone as Chinese overseas development lending has been on a steady downward trajectory.
China’s Debt Relief Offer For Sri Lanka May Not Be Enough to Satisfy IMF, Say Insiders
Sri Lanka's desperately-needed financial lifeline from the International Monetary Fund may be in jeopardy due to an insufficient debt restructuring offer from China, Colombo's largest bilateral creditor. The IMF is requiring that Sri Lanka first receive assurances from its largest bilateral creditors, ...
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