Will play 'positive role' in helping Sri Lanka fight bankruptcy, says China
Mao Ning, Chinese Foreign Ministry spokesperson
China on Wednesday said that it is willing to "play a positive role" in helping Sri Lanka tackle bankruptcy and emerge through its debt crisis after the former agreed to restructure its loans.
Sri Lanka's unprecedented economic crisis led to 22 million people facing acute shortages of fuel, food and medicine as well as runaway inflation and extended blackouts.
"China is ready to work with relevant countries and international financial institutions to play a positive role in helping Sri Lanka cope with its current difficulties, ease its debt burden and achieve sustainable development," said foreign ministry spokesperson Mao Ning at a regular briefing.
ALSO READ | Sri Lanka president Ranil Wickremesinghe says China has agreed to restructure its loan
"The Export-Import Bank of China, as the official bilateral creditor, issued a financial assurance letter to Sri Lanka on March 6," she added when quizzed about the statement given by President Ranil Wickremesinghe on Tuesday regarding Beijing's agreement to help.
Mao added that China "supports relevant financial institutions in actively discussing debt disposal plans with the Sri Lankan side".
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The government of Wickremesinghe has been working to restore the ruined finances of Sri Lanka and trying to secure a desperately needed rescue package from International Monetary Fund (IMF).
However, the IMF bailout was held by continuous debt negotiations with China, which is the largest bilateral creditor of Sri Lanka.
WATCH | Sri Lanka expects IMF nod for $2.9 billion package after China support
Beijing confirmed that it would assist Sri Lanka in clearing its final obstacle and securing a long-awaited International Monetary Fund bailout.
"Sri Lanka has now received financing assurances from all major bilateral creditors," IMF's Asia and Pacific Department's director Krishna Srinivasan said on Tuesday.
(With inputs from agencies)
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