Sri Lanka president says China agrees to restructure loans ...Middle East

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Sri Lanka president says China agrees to restructure loans
source : Daily Sun ( Middle East ) () 48
COLOMBO: 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.An unprecedented economic crisis has seen Sri Lanka's 22 million people suffer acute food, fuel and medicine shortages, along with extended blackouts and runaway inflation.President Ranil Wickremesinghe's government has been working to repair Sri Lanka's ruined finances and secure the sorely needed IMF rescue package.But it was held up by debt negotiations with China, its largest bilateral creditor.Wickremesinghe told parliament Beijing had now agreed to a restructure and that he expected th

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