After Months of Delay, China Finally Begins Debt Restructuring Talks With Sri Lanka

Sri Lankan President Ranil Wickremesinghe informed parliament late last week that China had finally agreed to begin long-desired debt restructuring talks. During a recent visit to Tokyo, President Wickremesinghe also called on Japan, Sri Lanka’s other main creditor in addition to China and India, to co-chair a creditors’ committee as part of an effort to finalize debt restructuring with all of its creditors by mid-2023.

But it’s not going to be easy given that none of Sri Lanka’s major Asian bilateral creditors appears to be prioritizing Sri Lankan debt relief. Brad Setser, a prominent U.S. scholar on debt issues who is also a former U.S. Treasury Department official and now a senior fellow at the Council on Foreign Relations, reflected on the burgeoning crisis in a multi-part Twitter thread on the challenge that Colombo now faces:

…

  • Get a daily email packed with the latest China-Africa news and analysis.
  • Read exclusive insights on the key trends shaping China-Africa relations.
  • Full access to the News Feed that provides daily updates on Chinese engagement in Africa and throughout the Global South.

China, Africa and the Global South... find out what’s happening.

Subscribe today for unlimited access.

OR

Already a subscriber? Log in Click Here to Learn More

The post After Months of Delay, China Finally Begins Debt Restructuring Talks With Sri Lanka <div class="cap-padlock">
<svg
version="1.1"
xml:space="preserve"
viewBox="0 0 735 980"
>
<defs
/><g
transform="translate(-132.5,-10)"><g
><g
><g
><path fill="#c5c5c5"
d="M 745,412.9 V 255 C 745,119.9 635.1,10 500,10 364.9,10 255,119.9 255,255 V 412.9 H 377.5 V 255 c 0,-67.6 54.9,-122.5 122.5,-122.5 67.5,0 122.5,54.9 122.5,122.5 v 157.9 z"
/><path fill="#c5c5c5"
d="m 132.5,561.2 v 306.3 c 0,67.7 54.9,122.5 122.5,122.5 h 490 c 67.6,0 122.5,-54.9 122.5,-122.5 V 561.2 C 867.5,493.5 812.6,438.7 745,438.7 H 255 c -67.6,0 -122.5,54.9 -122.5,122.5 z M 500,622.5 c 33.8,0 61.2,27.4 61.2,61.2 0,22.4 -12.6,41.2 -30.6,51.9 v 101.3 c 0,16.9 -13.7,30.6 -30.6,30.6 -16.9,0 -30.6,-13.7 -30.6,-30.6 V 735.6 c -18,-10.6 -30.6,-29.4 -30.6,-51.9 0,-33.8 27.4,-61.2 61.2,-61.2 z"
/></g></g></g></g></svg>
</div> appeared first on The China Global South Project.



source https://chinaglobalsouth.com/2022/10/10/after-months-of-delay-china-finally-begins-debt-restructuring-talks-with-sri-lanka/

Comments

Post a Comment

Popular posts from this blog

DR Congo Receives First Shipment of Chinese COVID Vaccines

For the first time, the DR Congo took delivery of a donation of Chinese-made vaccines. A shipment of 400,000 doses of Sinovac and an equal number of syringes arrived on Wednesday at the capital’s N’djili Airport. Get a daily email packed with the latest China-Africa news and analysis. Read exclusive insights on the key trends shaping China-Africa relations. Full access to the News Feed that provides daily updates on Chinese engagement in Africa and throughout the Global South. China, Africa and the Global South... find out what’s happening. Subscribe today for unlimited access. Monthly $15/mo OR Yearly $149/yr (17% Savings) Already a subscriber? Log in Click Here to Learn More The post DR Congo Receives First Shipment of Chinese COVID Vaccines appeared first on The China Africa Project . source https://chinaafricaproject.com/2021/09/30/dr-congo-receives-first-shipment-of-chinese-covid-vaccines/
Read more

WEEK IN REVIEW: The G77 Bloc of Countries Together With China To Propose a New “Loss and Damage” Fund at the COP27 Summit

The G77 bloc of countries together with China is reportedly going to propose a new “loss and damage” fund at the COP27 summit to provide finance to poor countries impacted by climate disasters.  The fund appears to be a repackaged version of the failed “climate adaptation fund” that wealthy countries balked at financing. Supporters say they hope the new initiative will be established before the next round of climate talks in Dubai in 2023.  (REUTERS) U.S. Ambassador to Zambia Michael Gonzales called on all of Zambia’s creditors to accept debt write-offs.  Although he didn’t specifically mention Chinese creditors that own more than a third of Zambia’s external debt, he did say there was a “stinky debt’. “There’s a lot of shenanigans that went into the debt that the Zambian people are now saddled with for a generation,” he said during a Sunday interview on state television. (BLOOMBERG) Get a daily email packed with the latest China-Africa news and analysis. ...
Read more

WEEK IN REVIEW: Brazil Warns That Mercosur in Jeopardy if Uruguay Signs a Free Trade Agreement With China

Brazilian Foreign Minister Mauro Vieira warned that the South American Common Market known as Mercosur is in jeopardy if Uruguay signs a free trade agreement with China.  Viera told the Folha de Sao Paulo newspaper that if Chinese goods enter the common market via Uruguay, it would “destroy” Mercosur. The bloc’s other partners, Paraguay, and Argentina have also called on Uruguay to halt bilateral talks with China and negotiate a collective deal.  (MERCOPRESS) The Indian Air Force (IAF) plans to conduct a massive military exercise in the northeast along its disputed border with China.  The IAF said Exercise Pralay would take place this week but did not specify when. The drills will involve all of its bases in the region and will include drones, Rafale and SU-30 fighter jets along with S-400 surface-to-air missile batteries. The drills come amid escalating tensions between the two Asian powers over their contested border in the Himalayas. (HINDUSTAN TIMES) Get a da...
Read more