Posted 3/30/2024, 1:33:00 PM
China Stands By Sri Lanka Amid Debt Crisis
- China pledges continued support for Sri Lanka's debt restructuring and IMF bailout negotiations
- China is Sri Lanka's largest bilateral creditor, owning $7.3B of Sri Lanka's debt
- Sri Lanka handed over Hambantota port to China on 99-year lease in 2017 to settle $1.1B debt
- China highlights support for Port City Colombo and Hambantota as BRI flagship projects
- China to increase imports from Sri Lanka including tea and encourage companies to invest more
