China's Strategic Move: Expanding the China-Myanmar Economic Corridor to Sri Lanka

• In a calculated strategic move, China is actively pursuing the expansion of the China-Myanmar Economic Corridor (CMEC) into Sri Lanka. This development signifies China's commitment to bolster its influence in South Asia through the Belt and Road Initiative (BRI).
• A meeting between President Wickremesinghe and Chinese President Xi Jinping in Beijing solidified Sri Lanka's active involvement in the Belt and Road Initiative.
• Sri Lanka is currently finalizing a debt treatment plan with official creditors to secure the second tranche of the International Monetary Fund's nearly $3 billion package aimed at economic recovery.
• Despite China maintaining observer status in discussions with official creditors, it has chosen to remain outside the official creditors' platform, demonstrating a nuanced approach in its economic engagements.

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Published date : 23 Nov 2023 03:54PM