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China officially announces assistance for debt restructuring

By: Isuru Parakrama

Colombo (LNW): China has officially informed the International Monetary Fund (IMF) that it will assist Sri Lanka for debt restructuring, Bloomberg reports.

This has been briefed through China’s Exim Bank yesterday (06), lifting the prime obstacle for Sri Lanka to receiving the US $ 2.9 billion IMF bailout package, according to Bloomberg.

The report read: Sri Lanka’s largest bilateral creditor gave written support for the debt restructuring via the ExportImport Bank of China on March 6, according to people familiar with the situation, who asked not to be identified as the information isn’t public. The letter meets the requirements of the IMF, the people said.

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