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China offers debt relief support to SL amidst economic challenges

June 27, Colombo (LNW): China has expressed its readiness to collaborate with relevant nations and international financial institutions to assist Sri Lanka in achieving debt sustainability.

Speaking from Beijing, Chinese Foreign Ministry Spokesperson Mao Ning highlighted that the Export-Import Bank of China had preliminarily agreed on debt restructuring with Sri Lanka.

This agreement is pivotal for Sri Lanka’s fiscal reforms and gaining additional backing from global creditors.

Recently, Sri Lanka concluded debt treatment agreements in Beijing with China Exim Bank, aimed at restructuring US$ 4.2 billion in debt.

The President’s Media Division confirmed the signing of the Framework Agreement in Colombo, underscoring that this restructuring will provide substantial debt relief.

The move is expected to enable Sri Lanka to allocate more resources to essential public services and resume concessional financing for critical infrastructure development, as per the President’s Media Division.

Finance State Minister Shehan Semasinghe commented on the development, stating, “We are pleased to announce the signing of the debt treatment agreement with Export-Import Bank of China, restructuring USD 4.2 billion of Sri Lanka’s debt. This initiative forms part of our ongoing efforts to address the country’s financial challenges. The framework agreement, signed in Colombo, marks a crucial milestone in stabilising Sri Lanka’s economy and managing its debt crisis.

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