Sri Lanka’s president said Tuesday that China had agreed to restructure its loans to the bankrupt island nation, clearing the final obstacle to a long-awaited International Monetary Fund bailout.
COLOMBO, Sri Lanka –
Just over $14 billion of that is bilateral debt owed to foreign governments, of which China holds 52 percent. Financial analyst Murtaza Jafferjee, the head of the Colombo-based Advocata Institute think tank, told AFP “a significant shift in China’s earlier position” would have been necessary for the bailout to proceed.
Wickremesinghe has imposed sharp tax hikes and ended energy subsidies to repair the nation’s finances and meet the terms of the IMF deal. “Introducing new tax policies is a politically unpopular decision. Remember, I’m not here to be popular. I want to rebuild this nation from the crisis it has fallen into,” he said then.
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