Debt restructuring Chinese EXIM Bank pledges to engage SL negotiators

• EXIM Bank assures its contribution towards SL’s economic recovery and future growth   

By Kelum Bandara 

The Export-Import Bank of China (EXIM), a key lender to Sri Lanka, assured that it would hold talks with Sri Lanka’s negotiators to attain debt sustainability, Foreign Minister Ali Sabry said.   

The Minister who is in China on an official visit held talks with EXIM Bank Chairman Wu Fulin and held talks with the ongoing debt restructuring process. He said the Chinese bank assured it would constructively work with Sri Lankan negotiators and contribute towards Sri Lanka’s economic recovery and future growth.   

 Sri Lanka suspended payment of foreign debt in April, 2022. Currently, the government has initiated action to restructure its debts in accordance with the International Monetary Fund (IMF) programme.   

Japan, India and France have formed a common platform for talks among bilateral creditors to coordinate the restructuring of Sri Lanka’s US $7.1 billion of debt. Loans from China account for 10 percent of the total 
external borrowings.