India interested in SL-China debt agreement
India while assuring Sri Lanka that it will continue to work closely with Sri Lanka on discussions regarding debt restructuring, has also shown interest in the Chinese debt agreement that was recently inked, highly placed sources said.
Sri Lanka says it reached an agreement with the Exim Bank of China on key terms and principles for restructuring its debt, a key step toward releasing a second installment of a US $2.9 billion package from the International Monetary Fund (IMF).
The Finance Ministry said in a statement issued last month that the contract covers $4.2 billion in outstanding debt providing the necessary fiscal space for Sri Lanka to implement its economic reform agenda. India wants to know China’s terms, a source said noting that IMF had also wanted the same at the last discussion.
Indian Finance Minister Nirmala Sitharaman on a 3-day visit last week highlighted that India rendered unprecedented financial assistance of over $ 4 billion for the people of Sri Lanka. It was the first bilateral creditor to convey financing assurance to the (IMF), she said speaking at the event to mark ‘Naam 200’ (We are 200), and an event held under the theme, ‘In the tapestry of Sri Lanka’s cultural diversity, the Indian Tamil community has woven a unique thread over two centuries.
The two nations also held the 12th round of the Economic and Technology Cooperation arrangement.
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