October 16, 2023
2 mins read

Wickremesinghe Due in China for BRI Meet

The third Belt and Road Forum for International Cooperation which is scheduled to be held of October 17 and 18…reports Asian Lite News

On the heels of China’s announcement on the debt treatment agreement for nearly $4.2 billion debts, Sri Lanka President Ranil Wickremesinghe left for China on Sunday night.

The main purpose of the visit is to attend the third Belt and Road Forum for International Cooperation which is scheduled to be held of October 17 and 18. However during his first ever visit to Beijing after assuming duties as the head of state, President Wickremesinghe is to meet Chinese President Xi Jinping and several political and business leaders.

On Thursday Sri Lanka’s Finance Ministry announced that Sri Lanka and the Exim Bank of China has agreed on key principles to restructure $4.2 billion loans.Having lent around $7 billion, China is Sri Lanka’s largest bilateral creditor ahead of Japan and India.

The debt restructure deal is to help in getting past the IMF’s first review in the coming week and in securing the release of a second IMF tranche of about $334 million. In a desperate measure to come out of its worst ever economic crisis, Sri Lanka entered to a $2.9 billion bailout package with the International Monetary Fund (IMF) in September 2022 and started debt negotiation with key bilateral creditors including Japan, India and Paris Club creditors.

However creating a major barrier for the process, China evaded coming to the table together with other creditors.

In his recent statements President Wickremesinghe has described China in a positive light but complained against the West and the US.

Attending a Global Summit in Berlin last month, hereiterated the need to have a comprehensive dialogue between the West and China, the United States and China and the European Union and China as a robust international plan to address the global challenges anticipated in 2024.

He even criticised that the great power rivalries and geopolitics have been an emerging threat o developing countries like Sri Lanka for an open access to trade, investment, capital and etc.

In an opening speech of the Berlin Global Dialogue, Wickremesinghe said: “China’s Belt and Road Initiative has been labelled as a cohesive programme, and the participating countries like Sri Lanka have been looked upon with suspicion. This will further hurt economic prospects in the Global South, and the polarisation will become more evident.”

ALSO READ: China Emerges as Lanka’s Largest Bilateral Creditor

Previous Story

Sudan’s Six-Month Conflict Spurs Humanitarian Nightmare

Next Story

Taliban to Join China’s BRI Forum

Latest from -Top News

Pak-Afghan Tensions Escalate Over Strikes

The airstrikes by Pakistani fighter jets on parts of Barmal district in Paktika province was the second instance in 2024 of Islamabad directly hitting “civilian areas” on Afghan territory…reports Asian Lite News

India Condemns Pak’s Blame Tactics

The airstrikes by Pakistani fighter jets on parts of Barmal district in Paktika province was the second instance in 2024 of Islamabad directly hitting “civilian areas” on Afghan territory….reports Asian Lite News

Jaishankar, Sullivan Boost India-US Ties

Sullivan’s visit is aimed at reviewing the India-US Initiative on Critical and Emerging Technologies (iCET)…reports Asian Lite News External Affairs Minister (EAM) S. Jaishankar on Monday met US National Security Advisor (NSA)

India Hits $1 Trillion FDI Milestone

Between April 2014 and September 2024, India attracted USD 709 billion in FDI, accounting for 69% of the total inflows since 2000. India has reached a remarkable economic milestone, with Foreign Direct

Maha Kumbh 2025: Festivities Begin

Women participated in a special Ganga Aarti at the Triveni Sangam in Uttar Pradesh’s Prayagraj earlier. The ritual also served as a rehearsal for the upcoming Kumbh Mela. The festivities for Maha
Go toTop

Don't Miss

Two more arrested on charges of spying for China

The Dutch intelligence agency AIVD on Tuesday identified China as

China slaps huge fine on ride-hailing major over national security

The CAC said in its statement that Didi committed 16