Sri Lanka seeks Chinese debt restructuring amid crisis
The Hindu
The declining foreign reserves are partly blamed on infrastructure projects built with Chinese loans that don’t make money.
The president of debt-ridden Sri Lanka on Sunday asked China for the restructuring of its loans and access to preferential credit for imports of essential goods, as the island nation struggles in the throes of its worst economic crisis, partly due to Beijing-financed projects that don’t generate revenue.
President Gotabaya Rajapaksa told visiting Chinese Foreign Minister Wang Yi that it would be "a great relief to the country if attention could be paid on restructuring the debt repayments as a solution to the economic crisis that has arisen in the face of the COVID-19 pandemic,” according to a statement from his office.
Mr. Rajapaksa asked Mr. Wang for a concessionary credit facility for imports so that industries can run without disruption, the statement said. He also requested assistance to enable Chinese tourists to travel to Sri Lanka within a secure bubble.
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