October 17, 2023
1 min read

Sri Lankan President Arrives in Beijing For BRI Forum

Sri Lanka’s total external debt exceeds USD 50 billion, with a significant portion, roughly ten per cent, owed to China…reports Asian Lite News

Sri Lankan President Ranil Wickremesinghe on Monday arrived in Beijing to attend the third Belt and Road Forum for International Cooperation, China’s official state news agency Xinhua reported.

Meanwhile, the Daily Mirror, Sri Lanka, recently reported that a multifaceted interplay of economic troubles, strategic dynamics, and regional influence is currently unfolding in Sri Lanka. This island nation grapples with mounting debt and is navigating China’s growing presence and influence in the region.

Sri Lanka’s total external debt exceeds USD 50 billion, with a significant portion, roughly ten per cent, owed to China. This debt encompasses official loans and less visible commercial borrowings from Chinese commercial banks.

Notably, Sri Lanka owes USD 119 million to the China Development Bank Corporation, USD 232 million to the China Development Bank, and USD 232 million to the Export-Import Bank of China, according to Daily Mirror, a daily English-language newspaper published in Sri Lanka.

Despite China’s promises to assist in debt restructuring, tangible actions have been limited. Sri Lanka urgently requires a USD 3 billion bailout package from the International Monetary Fund (IMF), with the first instalment already received. The release of the crucial second tranche hinges on China and other bilateral lenders restructuring their debt terms with Sri Lanka.

According to Daily Mirror, China initially participated in discussions with other creditors, including India and Japan, offering a two-year moratorium on debt repayments and even exploring the possibility of providing new loans. However, China later altered its stance, creating roadblocks in Sri Lanka’s efforts to secure IMF aid.

Other leaders from Africa, Southeast Asia, Central Asia and the Mideast will attend the Belt and Road Forum in Beijing. Russian President Vladimir Putin is also expected to attend. (ANI)

ALSO READ: Taliban to Join China’s BRI Forum

Previous Story

China’s Unrestrained Pursuit of Coercion Tactics

Next Story

Visually Impaired Afghans Face Education and Job Barriers

Latest from -Top News

India, UAE Strengthen Green Partnership

At the IUCN 2025 in Abu Dhabi, Minister Kirti Vardhan Singh urged stronger India‑UAE climate and biodiversity cooperation….reports Asian Lite News The government said India and the UAE have significant potential to

India Commits to Afghan Growth

As a special gesture, India gifted 20 ambulances to the Afghan people with a symbolic handover being done by the EAM…reports Asian Lite News India on Friday announced plans to expand its

Islamabad, Rawalpindi Shut Down Over TLP Rally

Authorities have placed containers at Faizabad Interchange to block entry into Islamabad from Rawalpindi….reports Asian Lite News In Pakistan’s capital Islamabad and neighbouring Rawalpindi, roads and entry points were sealed, and communication

NY Attorney General indicted in mortgage fraud

The indictment comes just weeks after former FBI Director James Comey was charged in a separate, highly controversial case…reports Asian Lite News New York Attorney General Letitia James has been charged in

US targets Chinese flights over Russia

US carriers have long criticised the allowance of Chinese flights over Russia, arguing that the shorter routes reduce travel time and fuel consumption, providing an unfair advantage….reports Asian Lite News The Trump
Go toTop

Don't Miss

World Bank: Sri Lanka’s economy to contract by 4.3%

Sri Lanka’s heightened fiscal, external, and financial imbalances and its

Lanka: Ranil’s yes to armed forces to maintain public order

The Army, Navy and Air Force have been called out