Crisis-Hit Lanka Says China To Restructure Loans For Securing IMF Bailout
NDTV
China's Exim bank "sent a letter to the IMF" expressing its willingness to "restructure" credit to Sri Lanka, President Ranil Wickremesinghe told parliament.
Sri Lanka's president said Tuesday that China had agreed to restructure its loans to the bankrupt island nation, clearing the final obstacle to an International Monetary Fund bailout.
China's state-owned Exim Bank "sent a letter to the IMF" on Monday night expressing Beijing's willingness to "restructure" credit to Sri Lanka, Ranil Wickremesinghe told parliament.
Mr Wickremesinghe added that he expected the first tranche of the IMF package to now be released within the month.
"No sooner the letter from the Exim Bank of China went to the IMF, I signed Sri Lanka's Letter of Intent to go with the IMF programme," he said.
