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Malaysia’s 1998 Playbook Helps Sri Lanka Shun IMF for China

  • Nation tapping export receipts to end reliance on IMF loans
  • Government expecting Chinese funds, aiming for more inflows
Construction and Development at the Port City Colombo Project
Photographer: Atul Loke/Bloomberg
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Faced with low foreign-exchange reserves and looming debt repayments, Sri Lanka is borrowing from the contrarian playbook Malaysia used during the days of the Asian crisis in 1998.