Odisha News, Odisha Latest news, Odisha Daily - OrissaPOST
  • Home
  • Trending
  • State
  • Metro
  • National
  • International
  • Business
  • Feature
  • Entertainment
  • Sports
  • More..
    • Odisha Special
    • Editorial
    • Opinion
    • Careers
    • Sci-Tech
    • Timeout
    • Horoscope
    • Today’s Pic
  • Video
  • Epaper
  • News in Odia
  • Home
  • Trending
  • State
  • Metro
  • National
  • International
  • Business
  • Feature
  • Entertainment
  • Sports
  • More..
    • Odisha Special
    • Editorial
    • Opinion
    • Careers
    • Sci-Tech
    • Timeout
    • Horoscope
    • Today’s Pic
  • Video
  • Epaper
  • News in Odia
No Result
View All Result
OrissaPOST - Odisha Latest news, English Daily -
No Result
View All Result

Sri Lanka begins debt restructuring talks with China, thanks India for support during crisis

IANS
Updated: October 7th, 2022, 09:00 IST
in International
0
Ranil Wickremesinghe

Pic Credit- OP Post

Share on FacebookShare on TwitterShare on WhatsAppShare on Linkedin

Colombo: Sri Lanka President Ranil Wickremesinghe informed the Parliament Thursday that the government has started initial debt restructuring discussions with China, which is an important step to revive the island nation that is facing its worst-ever economic crisis.

The President informed the Parliament that the discussions will continue after the National Congress of the Chinese Communist Party starting October 16.

Also Read

China

BRICS not a bloc for confrontation: China on Trump’s tariff threat

3 hours ago
Photo Credit: Central Tibetan Administration

China lodges protest over PM Modi’s message to Dalai Lama

3 hours ago

“I am sure that China would help us at this critical juncture,” Wickremesinghe told the Parliament, adding that Japan has agreed to intervene with regard to restructuring debts with China.

Sri Lanka plans to soon strike a deal with the creditor nations, including India, Japan and China, to facilitate debt restructuring.

The International Monetary Fund (IMF) has agreed to a conditional $2.9 billion bailout plan for the island nation, but Sri Lanka first has to strike deals on restructuring its debts with the creditor countries.

China is a key factor on this count, but it has not yet committed to any debt restructuring plans. Instead, it has proposed more lending to pay Beijing’s past debts.

During his address, Wickremesinghe also thanked Prime Minister Narendra Modi for India’s extensive support during the crisis faced by Sri Lanka.

“We always received support from Prime Minister Modi. During the recent crisis, we received extensive support from India and I have extended my gratitude to them on several occasions,” the Sri Lanka President said.

Wickremesinghe also told the Parliament that Sri Lanka would continue to get the support of India to come out of the ongoing crisis.

“We have already received positive responses from India,” the President said, adding that he spoke to Prime Minister Modi when he met him in Japan recently.

The other leading Asian creditor to Sri Lanka, Japan, has agreed to a credit reconciliation process and also to co-chair the debt restructuring talks with countries which had provided debts.

Announcing the plans to come out of the crisis, Wickremesinghe said he hopes to reach a common agreement with the creditor nations, including Japan, China and India, adding that dialogues have commenced with envoys from other countries that provided debts.

“Following discussions with countries that provided debts to Sri Lanka, we expect to discuss with private creditors such as London Club on debt restructuring,” Wickremesinghe said.

Securing an IMF assurance, Sri Lanka plans to bridge finances with lenders like the World Bank and the ADB after reaching agreements with the creditor nations and private lenders.

The President said he hopes to access around $1 billion through bridging financing while the ADB has already agreed to $500 million financial assistance.

Wickremesinghe also said that inflation of food prices has rocketed to 95 per cent, a situation that was not experienced by the island nation even during World War II.

However, the President said if everything works according to plans, the economy could improve by the middle of next year.

IANS 

Tags: Chinadebt restructuringRanil WickremesingheSri Lanka
ShareTweetSendShare
Suggest A Correction

Enter your email to get our daily news in your inbox.

 

OrissaPOST epaper Sunday POST OrissaPOST epaper

Click Here: Plastic Free Odisha

#MyPaperBagChallenge

D Rama Rao

December 12, 2019
#MyPaperBagChallenge

Rajashree Pravati Mohanty

December 12, 2019
#MyPaperBagChallenge

Kamana Singh

December 12, 2019
#MyPaperBagChallenge

Faiza Firdous

December 12, 2019
#MyPaperBagChallenge

Akshaya Kumar Dash

December 12, 2019
?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????
#MyPaperBagChallenge

Dibya Ranjan Das

December 12, 2019
#MyPaperBagChallenge

Arya Ayushman

December 12, 2019
#MyPaperBagChallenge

Matrumangal Jena

December 12, 2019
#MyPaperBagChallenge

Sisirkumar Maharana

December 12, 2019
#MyPaperBagChallenge

Swarit Praharaj

December 12, 2019
#MyPaperBagChallenge

Diptiranjan Biswal

December 12, 2019
#MyPaperBagChallenge

Mandakini Dakua

December 12, 2019
#MyPaperBagChallenge

Subhajyoti Mohanty

December 12, 2019
#MyPaperBagChallenge

Sitakanta Mohanty

December 12, 2019
#MyPaperBagChallenge

Parbati Mohanty

December 12, 2019
#MyPaperBagChallenge

Adweeti Bhattacharya

December 12, 2019
#MyPaperBagChallenge

Smitarani Sahoo

December 12, 2019
#MyPaperBagChallenge

Pratik Kumar Ghibela

December 12, 2019
#MyPaperBagChallenge

Anasuya Sahoo

December 12, 2019
#MyPaperBagChallenge

Jyotshna Mayee Pattnaik

December 12, 2019
#MyPaperBagChallenge

Jhili Jena

December 12, 2019
#MyPaperBagChallenge

Ramakanta Sahoo

December 12, 2019
#MyPaperBagChallenge

Narendra Kumar

December 12, 2019
#MyPaperBagChallenge

Pragyan Priyambada

December 12, 2019
#MyPaperBagChallenge

Pratyasharani Ghibela

December 12, 2019
#MyPaperBagChallenge

Debasis Mohanty

December 12, 2019
#MyPaperBagChallenge

Ipsita

December 12, 2019
#MyPaperBagChallenge

Tabish Maaz

December 12, 2019
#MyPaperBagChallenge

Subhajyoti Mohanty

December 12, 2019
#MyPaperBagChallenge

Adrita Bhattacharya

December 12, 2019

Archives

Editorial

Acknowledge Failure

Deputy Chief of Army Staff Lieutenant General Rahul R Singh
July 7, 2025

Deputy Chief of Army Staff Lieutenant General Rahul R Singh’s candid revelations about Operation Sindoor at a FICCI event ‘New...

Read more

Politics of Philosophy

AAKAR PATEL
July 6, 2025

The BJP’s constitution (Article 3) says, “Integral Humanism shall be the philosophy of the party.” The party’s membership form has...

Read more

India’s Spy Shift

July 5, 2025

India’s espionage architecture is quietly shifting. The appointment of Parag Jain as the new chief of RAW comes at a...

Read more

Hungary Lessons

Hungary
July 2, 2025

Revolting against oppression and seeking freedom is ingrained in human nature, something that a repressive regime finds out sooner or...

Read more
  • Home
  • State
  • Metro
  • National
  • International
  • Business
  • Editorial
  • Opinion
  • Sports
  • About Us
  • Advertise
  • Contact Us
  • Jobs
Developed By Ratna Technology

© 2024 All rights Reserved by OrissaPOST

  • News in Odia
  • Orissa POST Epaper
  • Video
  • Home
  • Trending
  • Metro
  • State
  • Odisha Special
  • National
  • International
  • Sports
  • Business
  • Editorial
  • Entertainment
  • Horoscope
  • Careers
  • Feature
  • Today’s Pic
  • Opinion
  • Sci-Tech
  • About Us
  • Contact Us
  • Jobs

© 2024 All rights Reserved by OrissaPOST

    • News in Odia
    • Orissa POST Epaper
    • Video
    • Home
    • Trending
    • Metro
    • State
    • Odisha Special
    • National
    • International
    • Sports
    • Business
    • Editorial
    • Entertainment
    • Horoscope
    • Careers
    • Feature
    • Today’s Pic
    • Opinion
    • Sci-Tech
    • About Us
    • Contact Us
    • Jobs

    © 2024 All rights Reserved by OrissaPOST