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Top China Diplomat to Visit Sri Lanka as Forex Crisis Deepens

  • Beijing looks to balance U.S., India influence in the region
  • Colombo could get more grants from China, an official said

Chinese Foreign Minister Wang Yi will have an opportunity to help out Sri Lanka when he visits this weekend as the island nation searches for funds to rebuild foreign exchange reserves and repay debt amid ballooning import bills.

Wang’s visit comes as Beijing seeks to balance U.S. and Indian influence in the Indo-Pacific region during a pivotal political year in China. He may offer more grants while in the capital Colombo, according to a Sri Lankan government official who asked not to be identified. The ministries of finance and foreign affairs didn’t officially respond to questions on the matter.