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h1, h2, h3, .tt-title-text{ margin-top: 0px !important; margin-bottom: 0px !important; } } #fkgUBk { display: none; } </style> <meta name="twitter:card" content="summary_large_image" /> <meta name="twitter:description" content="The Export-Import Bank of China has offered to ease Sri Lanka's financial woes with a two-year moratorium on its debt repayments" /> <meta name="twitter:title" content="China Offers Troubled Sri Lanka Relief on Debt Repayments" /> <meta name="twitter:site" content="@ATFinancial_" /> <meta name="twitter:image" content="https://www.asiafinancial.com/wp-content/uploads/2021/11/Sri-Lanka.jpg" /><script type="application/ld+json">{ "@context": "http:\/\/schema.org", "@type": "newsarticle", "inLanguage": "en", "url": "https:\/\/www.asiafinancial.com", "articleBody": " \r\n\r\nThe Export-Import Bank of China has offered to ease Sri Lanka's financial woes with a two-year moratorium on its debt repayments, according to a reviewed letter.\r\n\r\nThis moratorium could enable Sri Lanka to seek a $2.9 billion loan from the International Monetary Fund, the Export-Import Bank of China said.\r\n\r\nChina's January 19 letter, sent to the finance ministry, however, may not be enough for Sri Lanka to immediately gain the IMF's approval for the critical loan, a Sri Lankan source with knowledge of the matter said.\r\n\r\n \r\n<h3>Also on AF: <a href="https:\/\/www.asiafinancial.com\/china-loans-to-emerging-nations-hit-13-year-low-in-2021-study">China Loans to Emerging Nations Hit 13-Year Low in 2021: Study<\/a><\/h3>\r\n \r\n<p class="text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__full_width__ekUdw body__large_body__FV5_X article-body__element__2p5pI" data-testid="paragraph-1">India wrote to the <a href="https:\/\/www.imf.org\/en\/Home">IMF<\/a> earlier this month, saying it would commit to supporting Sri Lanka with financing and debt relief, but the island nation also needs the backing of China in order to reach a final agreement with the global lender.<\/p>\r\n<p class="text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__full_width__ekUdw body__large_body__FV5_X article-body__element__2p5pI" data-testid="paragraph-3">Regional rivals China and India are the biggest bilateral lenders to Sri Lanka, a country of 22 million people that is facing its worst economic crisis in seven decades.<\/p>\r\n<p class="text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__full_width__ekUdw body__large_body__FV5_X article-body__element__2p5pI" data-testid="paragraph-4">According to the letter, the Export-Import Bank of China said it was going to provide "an extension on the debt service due in 2022 and 2023 as an immediate contingency measure" based on Sri Lanka's request.<\/p>\r\n\r\n<h3 data-testid="paragraph-4"><strong>Piling Debt<\/strong><\/h3>\r\n<p class="text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__full_width__ekUdw body__large_body__FV5_X article-body__element__2p5pI" data-testid="paragraph-5">At the end of 2020, <a href="http:\/\/english.eximbank.gov.cn\/">China EXIM bank<\/a> had loaned Sri Lanka $2.83 billion which is 3.5% of the island's debt, according to an IMF report released in March last year.<\/p>\r\n<p class="text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__full_width__ekUdw body__large_body__FV5_X article-body__element__2p5pI" data-testid="paragraph-8">Sri Lanka owed Chinese lenders $7.4 billion, or nearly a fifth of its public external debt, by the end of last year, calculations by the China Africa Research Initiative showed.<\/p>\r\n<p class="text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__full_width__ekUdw body__large_body__FV5_X article-body__element__2p5pI" data-testid="paragraph-9">"The bank will support Sri Lanka in your application for the IMF Extended Fund Facility (EFF) to help relieve the liquidity strain," the letter said.<\/p>\r\n<p class="text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__full_width__ekUdw body__large_body__FV5_X article-body__element__2p5pI" data-testid="paragraph-10">The Sri Lankan source, who asked not to be identified because of the sensitivity of the confidential discussions, said the island nation had hoped for a clear assurance from Beijing on the lines of what India provided to the IMF.<\/p>\r\n<p class="text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__full_width__ekUdw body__large_body__FV5_X article-body__element__2p5pI" data-testid="paragraph-11">"China was expected to do more," the source said. "This is much less than what is required and expected of them."<\/p>\r\n\r\n<ul>\r\n \t<li data-testid="paragraph-13">Reuters, with additional editing from Alfie Habershon<\/li>\r\n<\/ul>\r\n \r\n<h3>Read more:<\/h3>\r\n<h3><a href="https:\/\/www.asiafinancial.com\/sri-lanka-debt-talks-to-test-china-india-relationship-ft">Sri Lanka Debt Talks to Test China-India Relationship \u2013 FT<\/a><\/h3>\r\n<h3><a href="https:\/\/www.asiafinancial.com\/crisis-hit-sri-lankas-2023-budget-targets-economic-revival">Crisis-Hit Sri Lanka\u2019s 2023 Budget Targets Economic Revival<\/a><\/h3>\r\n<h3><a href="https:\/\/www.asiafinancial.com\/sri-lanka-and-imf-reach-agreement-on-emergency-loan">Sri Lanka and IMF Reach Agreement on Emergency Loan<\/a><\/h3>\r\n \r\n\r\n ", "articleSection": "Asia", "mainEntityOfPage": { "@type": "WebPage", "url": "https:\/\/www.asiafinancial.com\/china-offers-troubled-sri-lanka-relief-on-debt-repayments" }, "headline": "China Offers Troubled Sri Lanka Relief on Debt Repayments", "description": "The Export-Import Bank of China has offered to ease Sri Lanka's financial woes with a two-year moratorium on its debt repayments", "datePublished": "2023-01-24T14:22:37+00:00", "dateModified": "2023-01-24T14:22:37+00:00", "publisher": { "@type": "Organization", "name": "Asia Financial", "logo": { "@type": "ImageObject", "url": "https:\/\/www.asiafinancial.com\/wp-content\/themes\/atf\/images\/AF-logo-small.png", "width": "640", "height": "97" } }, "author": { "@type": "Person", "name": "Asia Financial" }, "image": { "@type": "ImageObject", "url": "https:\/\/www.asiafinancial.com\/wp-content\/uploads\/2021\/11\/Sri-Lanka.jpg" } }</script> <script async src="https://www.googletagmanager.com/gtag/js?id=G-CNH68EHNDT"></script> <script> window.dataLayer = window.dataLayer || []; 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font-size: 12px; font-weight: 500; margin-top: 10px; color: #aaaaaa;"> Sri Lanka expects to receive a $2.9 billion loan by the end of March. Photo: Reuters </figcaption> </figure> </div> <div class="content"> <p> </p> <p>The Export-Import Bank of China has offered to ease Sri Lanka’s financial woes with a two-year moratorium on its debt repayments, according to a reviewed letter.</p> <p>This moratorium could enable Sri Lanka to seek a $2.9 billion loan from the International Monetary Fund, the Export-Import Bank of China said.</p> <p>China’s January 19 letter, sent to the finance ministry, however, may not be enough for Sri Lanka to immediately gain the IMF’s approval for the critical loan, a Sri Lankan source with knowledge of the matter said.</p> <p> </p> <h3>Also on AF: <a href="https://www.asiafinancial.com/china-loans-to-emerging-nations-hit-13-year-low-in-2021-study">China Loans to Emerging Nations Hit 13-Year Low in 2021: Study</a></h3> <p> </p> <p class="text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__full_width__ekUdw body__large_body__FV5_X article-body__element__2p5pI" data-testid="paragraph-1">India wrote to the <a href="https://www.imf.org/en/Home">IMF</a> earlier this month, saying it would commit to supporting Sri Lanka with financing and debt relief, but the island nation also needs the backing of China in order to reach a final agreement with the global lender.</p> <p class="text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__full_width__ekUdw body__large_body__FV5_X article-body__element__2p5pI" data-testid="paragraph-3">Regional rivals China and India are the biggest bilateral lenders to Sri Lanka, a country of 22 million people that is facing its worst economic crisis in seven decades.</p> <p class="text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__full_width__ekUdw body__large_body__FV5_X article-body__element__2p5pI" data-testid="paragraph-4">According to the letter, the Export-Import Bank of China said it was going to provide “an extension on the debt service due in 2022 and 2023 as an immediate contingency measure” based on Sri Lanka’s request.</p> <h3 data-testid="paragraph-4"><strong>Piling Debt</strong></h3> <p class="text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__full_width__ekUdw body__large_body__FV5_X article-body__element__2p5pI" data-testid="paragraph-5">At the end of 2020, <a href="http://english.eximbank.gov.cn/">China EXIM bank</a> had loaned Sri Lanka $2.83 billion which is 3.5% of the island’s debt, according to an IMF report released in March last year.</p> <p class="text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__full_width__ekUdw body__large_body__FV5_X article-body__element__2p5pI" data-testid="paragraph-8">Sri Lanka owed Chinese lenders $7.4 billion, or nearly a fifth of its public external debt, by the end of last year, calculations by the China Africa Research Initiative showed.</p> <p class="text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__full_width__ekUdw body__large_body__FV5_X article-body__element__2p5pI" data-testid="paragraph-9">“The bank will support Sri Lanka in your application for the IMF Extended Fund Facility (EFF) to help relieve the liquidity strain,” the letter said.</p> <p class="text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__full_width__ekUdw body__large_body__FV5_X article-body__element__2p5pI" data-testid="paragraph-10">The Sri Lankan source, who asked not to be identified because of the sensitivity of the confidential discussions, said the island nation had hoped for a clear assurance from Beijing on the lines of what India provided to the IMF.</p> <p class="text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__full_width__ekUdw body__large_body__FV5_X article-body__element__2p5pI" data-testid="paragraph-11">“China was expected to do more,” the source said. “This is much less than what is required and expected of them.”</p> <ul> <li data-testid="paragraph-13">Reuters, with additional editing from Alfie Habershon</li> </ul> <p> </p> <h3>Read more:</h3> <h3><a href="https://www.asiafinancial.com/sri-lanka-debt-talks-to-test-china-india-relationship-ft">Sri Lanka Debt Talks to Test China-India Relationship – FT</a></h3> <h3><a href="https://www.asiafinancial.com/crisis-hit-sri-lankas-2023-budget-targets-economic-revival">Crisis-Hit Sri Lanka’s 2023 Budget Targets Economic Revival</a></h3> <h3><a href="https://www.asiafinancial.com/sri-lanka-and-imf-reach-agreement-on-emergency-loan">Sri Lanka and IMF Reach Agreement on Emergency Loan</a></h3> <p> </p> <p> </p> <div class="tags"> Tags: <a href="https://www.asiafinancial.com/tag/public-debt" rel="tag">Public Debt</a><a href="https://www.asiafinancial.com/tag/sri-lanka" rel="tag">Sri Lanka</a> </div> <div class="author-box"> <div class="profile_images"><img width="96" height="96" src="https://www.asiafinancial.com/wp-content/uploads/2022/07/Profile-photo-1-96x96.jpg" class="avatar avatar-96 photo imgauthor" alt="" loading="lazy" srcset="https://www.asiafinancial.com/wp-content/uploads/2022/07/Profile-photo-1-96x96.jpg 96w, https://www.asiafinancial.com/wp-content/uploads/2022/07/Profile-photo-1-150x150.jpg 150w, https://www.asiafinancial.com/wp-content/uploads/2022/07/Profile-photo-1-24x24.jpg 24w, https://www.asiafinancial.com/wp-content/uploads/2022/07/Profile-photo-1-48x48.jpg 48w, https://www.asiafinancial.com/wp-content/uploads/2022/07/Profile-photo-1-300x300.jpg 300w" sizes="100vw" /></div> <div class="author-content"> <h3><a href="https://www.asiafinancial.com/author/alfie-habershonasiafinancial-com">Alfie Habershon </a></h3> <p style="font-size: 14px;"> Alfie is a Reporter at Asia Financial. 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