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Sri Lanka and China EXIM Bank Reach Preliminary Deal on Debt Restructuring
October 11, 2023
Sri Lanka has reached a preliminary agreement with Chinese financial institution China EXIM Bank, in a potential major update towards the nation’s debt restructuring program. The deal was reached in late September as per the Chinese Foreign Ministry spokesman Wang Wenbin. As per Bloomberg, China holds ~52% of the Sri Lanka’s bilateral debt and thus is a major creditor. The island nation would now have to reach a deal with its other offshore creditors including Japan and India in order to continue receiving IMF funds from its $3bn bailout program. In late September, there were reports that some of Sri Lanka’s creditors were planning to try signing an MoU and reaching a deal without waiting for China’s response in an effort to quicken the process.
Sri Lanka’s dollar bonds were trading steady, albeit at distressed levels of about 45 cents on the dollar.
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