Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Netanyahu spoke with German Chancellor Merz on phone at around 0030 GMT: Der Spiegel
German government informed of 'Israel's' attack on Iran shortly before: Der Spiegel
Larijani: The Zionist entity seeks to sow chaos, but this crime will only make the Iranian people more united and standing in solidarity
Ali Larijani, senior political advisor to the Supreme Leader of the Islamic Revolution and the Islamic Republic: These crimes demonstrated the impotence of the United States
Qalibaf: The Zionist entity must await a harsh response that will make it regretful
Speaker of the Iranian Shura Council, Mohammad Bagher Qalibaf: The time is ripe for revenge, which will be achieved by any and all means
Tasnim News Agency: 6 nuclear scientists were martyred in Israeli aggression
State TV announces Iran will not participate in the indirect nuclear talks with the United States scheduled for Sunday in the Omani capital
IOF spokesperson: In recent hours, Iran has launched more than 100 drones toward 'Israel'
Jordan temporarily closes its airspace due to escalating tensions in the region

Sri Lanka asks China to restructure its loans amid crisis

  • By Al Mayadeen Net
  • Source: Agencies
  • 9 Jan 2022 20:34
2 Min Read

As the island struggles in the throes of its worst economic crisis, Sri Lanka's President requests Chinese Foreign Minister Wang Yi to restructure repayments of debt, in the latter's visit to Colombo.

  • x
  • Ministers from Sri Lanka and China signing agreements in Colombo, Sunday, Jan. 9, 2022. (AP)
    Ministers from Sri Lanka and China signing agreements in Colombo, Sunday, Jan. 9, 2022. (AP)

Sri Lanka, extremely short on funds, was seeking to reschedule its gigantic debt burden in Sunday talks during the Chinese foreign minister Wang Yi’s visit to Colombo, according to the president's office.

The island's economy, which depends on tourism, has been hit hard by the pandemic, and due to its drained foreign exchange reserves, Sri Lanka now suffers from a lack of essential goods and food rationing at supermarkets.

Wang’s visit comes in the light of China being its biggest lender and following some international ratings agencies warnings to Sri Lanka’s president that his country could be on the brink of bankruptcy.

"The President pointed out that it would be a great relief if debt payments could be rescheduled in view of the economic crisis following the pandemic," Gotabaya Rajapaksa's office said in a statement.

The foreign reserves of Sri Lanka's dropped to $1.5 billion at the end of November, an amount that is enough to pay for just a month's worth of imports.

Related News

UK Foreign office under fire for withholding Sri Lanka mercenary files

Asia marks 20 years since deadly Indian Ocean Tsunami

The main energy utility started to ration electricity on Friday after the island’s ran out of foreign currency to buy oil.

As per government data, China accounted for about 10 % of Sri Lanka's foreign debt of $35 billion to April 2021.

Officials said that the total lending of China could be much higher if it takes into consideration the loans to state-owned companies and the central bank.

Not only did Sri Lanka borrow heavily from China, but it is also unable to pay back a $1.4 billion loan for a port construction in southern the island, which led Colombo to lease out the facility to a Chinese firm for 99 years in 2017.

How do some other countries react to this?

India and the United States were concerned about the purpose of China renting the Hambantota port, which is located along vital east-west international shipping routes, believing it could grant China a military toehold in the Indian Ocean.

However, Sri Lanka and China have both disclaimed the use of Sri Lankan ports for any military purposes.

  • Sri Lanka
  • China

Most Read

The logo of the Iranian Ministry of Intelligence (wikidata)

Iran acquired thousands of sensitive Israeli documents: Exclusive

  • Politics
  • 7 Jun 2025
Iranian demonstrators walk on a caricature of the Israeli Prime Minister Benjamin Netanyahu during the annual Quds Day rally in support of Palestinians, in Tehran, Iran, Friday, March 28, 2025 (AP)

Iran hits 'Israel' hard without arms; intel breach lays Tel Aviv bare

  • Politics
  • 7 Jun 2025
'Israel' launches major strike against Iran's nuclear program

'Israel' launches massive aggression on Iran

  • MENA
  • Today
The flag of the International Atomic Energy Agency flies in front of its headquarters during an IAEA Board of Governors meeting in Vienna, Austria, Wednesday, Nov. 22, 2023. (AP)

Tehran unravels documents exposing secret IAEA-'Israel' collusion

  • Politics
  • 12 Jun 2025

Coverage

All
War on Gaza

Read Next

All
U.S. National Guard are deployed around downtown Los Angeles, Sunday, June 8, 2025, following a immigration raid protest the night before. (AP Photo/Eric Thayer)
US & Canada

ICE raids in LA trap families in harsh conditions: Lawyers

Colombia's President Gustavo Petro speaks at a rally to garner support for a referendum on labor reform, in Cali, Colombia, on June 11, 2025. (AP Photo/Santiago Saldarriaga)
Politics

Petro slams US-linked coup plot, signs decree for popular consultation

President Donald Trump speaks as he signs executive orders in the Oval Office of the White House on April 17, 2025. (AP)
US & Canada

World sees Trump as ‘arrogant’, ‘dangerous’ as ratings sink: Poll

he Department of Defense logo is seen on the wall in the Press Briefing room at the Pentagon on, Oct. 29, 2024 in Washington. (AP Photo/Kevin Wolf, File)
Politics

Future of $240bln AUKUS deal in doubt as Pentagon launches review

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS