China in $1.5 Billion Swap Deal as Sri Lanka Seeks to Shun IMF
This article is for subscribers only.
China signed a currency swap agreement with Sri Lanka as the South Asian nation looks to reduce reliance on the International Monetary Fund before $3.7 billion of foreign debt matures this year.
The Central Bank of Sri Lanka is entitled to a 10 billion yuan ($1.5 billion) swap facility from the People’s Bank of China, Sri Lanka’s monetary authority said in a statement Monday. The agreement is valid for three years.