Sri Lanka losing patience as China plays hard to get

By Ashanthi Warnasuriya

Sri Lanka is losing patience as China continues to play hard to get and refuses to agree to the conditions put forward to help Sri Lanka secure a much needed bailout package from the International Monetary Fund (IMF).

The Chinese authorities continue to claim they have the best interest of the Sri Lankan people in mind. However, the ground reality seems far from that.

As Sri Lanka continues to struggle economically and the IMF bailout package continues to be delayed, Sri Lankan leaders, who have often remained silent on China, have now come out in the open and noted that China was the reason for the delay.

President Ranil Wickremesinghe said that China has refused to agree to the same conditions placed by India and the Paris Club when restructuring Sri Lanka’s debt.

He said that the International Monetary Fund had proposed that all of Sri Lanka’s main creditors reach a consensus on restructuring Sri Lanka’s debt.

Wickremesinghe said that while the Paris Club agreed to India’s conditions, China refused to do so. Instead, China wanted to place its own conditions.

Justice Minister Wijeyadasa Rajapaksha also noted that China is yet to respond positively to restructure Sri Lanka’s debt.

India and the Paris Club have given the International Monetary Fund assurances on restructuring Sri Lanka’s debt.

Rajapaksha said that China is the remaining obstacle in Sri Lanka’s attempt to secure an IMF bailout package.

He said that Sri Lanka has met most of the conditions put forward by the IMF and China is now the only barrier.

The adamant stand taken by China was affecting the Sri Lankan people who are in urgent need of IMF assistance to climb out of the pit it is in.

While India and the Paris Club have realized the importance and urgency of the situation, China only has its own selfish interests in mind.