Sri Lanka shares details of its agreement with China’s Exim Bank with Paris Club

• Sri Lanka has shared details of its agreement with China’s Exim Bank with the Paris Club. Reports from local news portals indicated the island nation had come to an agreement with the Chinese EXIM Bank in October this year to restructure the debt owed by Sri Lanka.
• The official creditor committee which comprises India and several members of the Paris Club have been meeting regularly to formulate the debt restructuring plan. However, China had not joined the common platform actively and had remained an observer.
•  Last year's default on external debt commitments, coinciding with the nation's worst economic crisis since its independence, prompted severe scrutiny and criticism. Critics pointed fingers at flawed economic policies and criticized white elephant projects executed by China including the Hambantota port and Mattala Airport, attributing them to the crisis.

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Published date : 17 Nov 2023 03:47PM