COLOMBO: Sri Lanka’s president will go to the island’s largest bilateral financier China subsequent week forward of its first nationwide finances, the data minister mentioned on Tuesday (Jan 7).
The go to comes a month earlier than President Anura Kumara Dissanayake’s first finances, which is anticipated to stipulate his plans to assist the nation’s painful restoration from its worst financial meltdown in 2022.
Dissanayake will start a three-day go to on Jan. 14, Nalinda Jayatissa mentioned.
It might be his second international journey – after visiting regional powerhouse India final month – since he was elected in September.
China accounted for greater than half of Sri Lanka’s $14 billion in debt borrowed from different governments because the island defaulted on its sovereign debt in 2022, when Colombo ran out of international forex to pay for important imports comparable to meals, gas and medicines.
The leftist Dissanayake has already authorized a four-year, $2.9 billion IMF bailout mortgage program, negotiated by his predecessor in 2023, and plans to keep up excessive taxation to assist state revenues.
After a lot delay, Sri Lanka’s authorities finalized a restructuring of each bilateral loans and worldwide sovereign bonds final month, ending its state of chapter.
Official sources say Sri Lanka is more likely to search extra monetary help from China.
The two nations are additionally anticipated to signal a number of agreements, together with nearer cooperation between state media.
Dissanayake might be accompanied by Foreign Minister Vijitha Herath and Transport Minister Bimal Rathnayake.
