Posted 10/12/2023, 11:21:00 AM
Sri Lanka Secures Debt Relief Deal with China to Advance IMF Bailout
- Sri Lanka reached a debt deal with China's Export-Import Bank covering $4.2 billion
- The deal is a milestone in Sri Lanka's efforts to recover economically and secure IMF funding
- China is Sri Lanka's largest bilateral creditor
- Other creditors like Japan, India, France were surprised and want similar terms
- Creditors need to see China deal details before finalizing their own proposal
- Sri Lanka and China will work on formalizing the agreed parameters in coming weeks
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