Sri Lanka's President Gotabaya Rajapaksa asked China to help restructure debt repayments as part of efforts to help the South Asian country weather a worsening financial crisis, his office said in a statement on Sunday.
COLOMBO -Sri Lanka's President Gotabaya Rajapaksa asked China to help restructure debt repayments as part of efforts to help the South Asian country weather a worsening financial crisis, his office said in a statement on Sunday.
"The president pointed out that it would be a great relief to the country if attention could be paid on restructuring the debt repayments as a solution to the economic crisis that has arisen in the face of the COVID-19 pandemic," Rajapaksa's office said in the statement. "China has always helped Sri Lanka develop its economy as best as we can," said foreign ministry spokesman Wang Wenbin at a daily briefing in Beijing on Monday.Rajapaksa also requested China to provide "concessional terms" for its exports to Sri Lanka, which amounted to about $3.5 billion in 2020, the statement said, but did not give more details.
A $1.5 billion yuan swap from China helped the island boost its reserves to $3.1 billion at the end of December.
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