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Ranil reveals China’s refusal to agree with India, Paris Club

21 Feb, 2023

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President Ranil Wickremesinghe today revealed China’s refusal to agree to the same conditions placed by India and the Paris Club when restructuring Sri Lanka’s debt.

He said that the International Monetary Fund (IMF) had proposed that all of Sri Lanka’s main creditors reach a consensus on restructuring Sri Lanka’s debt.

Wickremesinghe said that while the Paris Club agreed to India’s conditions, China refused to do so.?Instead China wanted to place its own conditions.

“China is a world power so their procedure is different. We have no issue with that. There is still no agreement,’ he said.

The President said that on the 23rd, the Finance Ministers of the G20 countries are scheduled to hold a discussion in Bangalore, India.

During the meeting it is expected to look into how to restructure the debt of countries whose economies have collapsed.

“There, I hope to discuss the debt restructuring method of Sri Lanka with the Chinese Finance Minister. As per their stand, we have two or three options to implement,” he said.

The President said that if the International Monetary Fund does not provide assistance, the public will have to endure a lot of difficulties due to the unavailability of fuel and power cuts.

He also said that there will be a shortage of fertilizer for the Yala season. (Colombo Gazette)

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