China backs Sri Lanka’s decision to work with IMF to restructure debt

According to SaltWire: Sri Lanka last month unilaterally suspended external debt repayments before approaching the IMF for help. China is one of Sri Lanka’s largest bilateral lenders with about $6.5 billion in loans.

“Ambassador Zhenhong also assured Minister Ali Sabry that as a major shareholder of the IMF, China is willing to play an active role in encouraging the IMF to positively consider Sri Lanka’s position and to reach an agreement as soon as possible,” Sri Lanka’s finance ministry said in a statement.

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