China backs Sri Lanka debt plan, sources say, paving way for IMF loan: Report

7 March 2023 10:41 am Views - {{hitsCtrl.values.hits}} 6 Bookmark

CHATURANGA PRADEEP SAMARAWICKRAMA Follow

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China has given assurances that it will support Sri Lanka’s debt restructuring, clearing the biggest hurdle for the South Asian nation to secure a $2.9 billion bailout from the International Monetary Fund.

Sri Lanka’s largest bilateral creditor gave written support for the debt restructuring via the Export-Import Bank of China on March 6, according to people familiar with the situation, who asked not to be identified as the information isn’t public. The letter meets the requirements of the IMF, the people said. (Bloomberg)

Comments - 6

Lam Tuesday, 07 March 2023 10:57 AM

Not only Chinese help take help and support from anyone in the world even from devils to come out of this economic crisis... otherwise we will see more and more suicide of young mothers with children.; Crime rate is gone up and people suffer immensely...but don't become victim of debt trap again and again ...some these countries and international organizations are very much crafty please ask our diplomatic community and political leaders what has been written in small letters in their agreements when they give money for us ..No one do charity in these organisations..all these financial transactions are based on their interests and they all make money out of our problems..it has been some crafty strategy to some to catch fish in trouble waters...because carefully and pay attention to all what these people say and write in their agreements...

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m perera Tuesday, 07 March 2023 11:22 AM

Reports say $36 billion of Sri Lankas export revenue is held overseas. Why isn't the government expediting this?

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Concerned Citizen Tuesday, 07 March 2023 12:08 PM

The USD 36 Billion in Export Earnings stashed away is up to the year 2017. Now, after 5 more years, it is likely to be in excess of USD 50 Billions. Although this news was reported by the Sunday Times in July 2022, so far, NO Politicians, whether in Govt. or Opposition, have said a word about going after this loot and bringing the money to Sri Lanka. How DISSAPPOINTING.

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DPerera Tuesday, 07 March 2023 02:00 PM

See the CBSL governor's statement in today's news. His observation is that exporters money parked overseas has started to come back because there are signs of economy is getting stabilized and rupee started to strengthened. So the present government has done right actions to get back money stashed away.

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Ram Tuesday, 07 March 2023 01:55 PM

China need not back the IMF plan. They must waive some interests giving us some relief and that is what the IMF wants.

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Punchi Tuesday, 07 March 2023 02:07 PM

With our backs against the wall and China at the back between us and the wall, I am extremely worried for our back

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