Sri Lanka Asks China for Debt Restructuring During Wang Visit
- Chinese minister in island nation that’s facing forex crisis
- Sri Lanka balancing ties with major powers to secure funds
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Sri Lanka, which is searching for funds to bolster its foreign exchange reserves and repay loans amid spiraling import costs, asked China to consider restructuring the South Asian island nation’s debt repayments during a visit by Foreign Minister Wang Yi.
It would be “a big relief to Sri Lanka” if attention can be paid to restructuring the payments as it strives to overcome the impact of the Covid-19 crisis, President Gotabaya Rajapaksa told Wang Sunday, according to a statement from his office. And if China could provide a concessionary trade credit line, that would help keep factories going without a disruption.