Sri Lanka, which is facing a financial crisis, needs a conditional International Monetary Fund (IMF) package of $ 2.9 billion. Breaking the biggest hurdle to achieve this, China has assured to help Sri Lanka in debt restructuring.
President Ranil Wickremesinghe informed Parliament on Tuesday that the government received a letter of assurance from China's Exim Bank on Monday night, which was immediately forwarded to the IMF. Wickremesinghe, who also holds the finance portfolio, assured that once the IMF agreement is in place, the deal will be tabled in Parliament along with the government's plan and draft road map.
Sri Lanka is China's biggest borrower
Sri Lanka is the biggest debtor of China. 52 percent of its loan is from China. Due to this, the bailout package received by Sri Lanka from the IMF was becoming an obstacle. In January, the US ambassador to Sri Lanka, Julie Chung, urged China not to be a spoiler, referring to Sri Lanka's effort to reach IMF conditions to get a bailout. For the sake of the Sri Lankan people, we certainly hope that China will not block the way forward for the IMF settlement, he complained.
Sri Lanka has no time to delay – US Ambassador
In an interview with the BBC in January, the US ambassador claimed that China, as the largest bilateral creditor, had a large onus to move forward with Sri Lanka's debt restructuring. Ambassador Chung said, "We hope they will not delay as Sri Lanka has no time to delay." They urgently need these assurances.
India's outstanding debt to the crisis-hit country's closest neighbor stood at around $1.7 billion till June last year. After India, in February the Paris Club of creditors announced its support for Sri Lanka's debt restructuring.
President said – the hope of relief from IMF
Wickremesinghe further said that concerning the bailout package from the IMF, we have fulfilled our part of the responsibility. We expect the IMF to complete its work on this issue by the third or fourth week of the month. He further added that this will further help us in getting funds from the World Bank and ADB. Significantly, the previous Chinese letter offering a two-year moratorium on loan repayment was deemed insufficient by the IMF.
Karnataka SSLC Result 2023 Out: Karnataka Board 10th result released, 83.89 pass percentage
KSEAB Karnataka SSLC Results in 2023 Out The Karnataka School Examination and Evaluation Board (KSEAB) has declared the Karnataka Board SSLC Result today i.e. 8th May 2023. Students who appeared in
Arvind Kejriwal: After getting interim bail, Kejriwal again reached the doorstep of the Supreme Court, now made this request
Delhi Chief Minister and Aam Aadmi Party national convenor Arvind Kejriwal, accused in the money laundering case related to the excise policy scam, has again sought relief from the Supreme Court. In
Excise Policy Case: Will Arvind Kejriwal get bail or remain in jail, Delhi HC will give its decision shortly
Delhi High Court will give its decision on Tuesday on whether Chief Minister Arvind Kejriwal will get bail or will remain in jail. The High Court reserved its decision last Friday after hearing the
Delhi Ordinance Bill: Amit Shah targets Delhi's Kejriwal government, opens secrets of vigilance files
Union Home Minister Amit Shah made several revelations while discussing the Delhi Services Bill in the Lok Sabha on Thursday. He mentioned several files related to the Vigilance Department. Amit Shah
IND vs SA: India did not lose the T20 series in South Africa, Surya's army faces a tough challenge; Know the record
The Indian cricket team was welcomed traditionally on its arrival in South Africa. India has to start its campaign with the first T20 match of three matches on 10th December. This is the format of
In 100 days, the Modi government started projects worth Rs 15 lakh crore, many gifts to farmers, gifts to youth and women too.
100 days of Prime Minister Narendra Modi's third term have been completed. The government has started projects worth Rs 15 lakh crore in these 100 days. 3 crore houses were approved under the Pradhan
Ram Temple: Preparations for Ram Janmabhoomi Pran Pratistha Mahotsav intensified, former Chief Minister of Karnataka will also participate
The date of 22 January 2024 is going to be recorded in the pages of history in Ayodhya. The grand Ram temple is to be consecrated on this day. In such a situation, all preparations have been
Ishan Kishan Comeback: Ishan returned to the field after BCCI's warning, flopped in batting; severe rebuke
Indian team's wicketkeeper-batsman Ishan Kishan returned to playing competitive cricket after 3 months. On Tuesday, Ishan Kishan flopped in his comeback match in the DY Patil T20 Cup 2024. He scored
Manipur Violence: Violent protests again in Imphal, DC office vandalized; burnt two vehicles
A fresh incident of student-led violence broke out in the Manipur capital on Tuesday after photographs of the bodies of two youths who went missing in July went viral on social media. Violent protests
Why did viral girl Monalisa suddenly leave Maha Kumbh? She shared the video and told the reason.
Monalisa, known as the beauty fairy of Indore, finally got upset and left Prayagraj Mahakumbh. Beautiful-eyed Monalisa used to sell garlands in Mahakumbh, after whose video went viral, she is all over
