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China assures will play positive role to help Sri Lanka

01 Mar, 2023

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China has assured it will play a positive role to help Sri Lanka restructure its debt.

Chinese Foreign Ministry Spokesperson Mao Ning said that the Export-Import Bank of China has provided a financing support document to the Ministry of Finance, Economic Stabilization and National Policies of Sri Lanka, saying the Bank is going to provide an extension on the debt service due in 2022 and 2023 to help relieve Sri Lanka?s short-term debt repayment pressure.

She said the Bank also noted that it will support Sri Lanka in its loan application to the International Monetary Fund (IMF) and continuously call on commercial creditors (including?the?International?Sovereign?Bondholders)?to provide debt treatment in an equally comparable manner, and encourage multilateral creditors to do their utmost to make corresponding contributions.

“What China did is first based on China?s existing policy and position on debt issue. At the same time, as a special arrangement, it also reflects the traditional friendship between China and Sri Lanka. China?s action fully demonstrates its sincerity and efforts to support Sri Lanka in achieving debt sustainability,” she said.

Mao Ning said that China will continue to support relevant financial institutions in actively working out the debt treatment.

She also said that China will work with relevant countries and international financial institutions to jointly play a positive role in helping Sri Lanka navigate the situation, ease its debt burden and achieve sustainable development. (Colombo Gazette)

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