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
Al Mayadeen's correspondent: One was killed, another injured in a raid by an Israeli drone on the city of Khiam in South Lebanon
London views possibility of setting fire to tanker in port of friendly country to Russia to damage port infrastructure, initiate an international probe: Moscow
One of London's scenarios involves setting up accident with 'undesirable' tanker in one of the bottlenecks of maritime communications: Russian foreign intelligence agency
London plans to organize major sabotage with tankers to declare transportation of Russian oil to international shipping: Russian foreign intelligence agency
UK intelligence agencies plan to use NATO allies to launch massive raid on 'Shadow Fleet': Russian foreign intelligence agency
Palestinian Ministry of Health: Two were martyred in Israeli shelling that targeted a besieged house in the town of Qabatiya in Jenin
At least 68 dead in migrant shipwreck off Yemen: IOM
Trump: We want to feed the people in Gaza, we do not want them to starve.
US President Donald Trump: We will impose sanctions on Russia if it does not end the war on Ukraine.
Israeli media: Polls show that 52% oppose Prime Minister Benjamin Netanyahu while only 29% support him.

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

An Israeli tank explodes following an ambush by al-Qassam Brigades in Gaza, Occupied Palestine, undated (Al-Qassam Military Media)

Al-Qassam strikes Israeli vehicles in Gaza, inflicts casualties

  • Politics
  • 30 Jul 2025
UAE lodges complaint against Israeli ambassador over 'misbehavior'

UAE lodges complaint against Israeli ambassador over 'misbehavior'

  • Politics
  • 1 Aug 2025
Protesters chant anti-Israeli slogans as they carry a banner that reads:" Freedom for Palestine, Alliance stop the war," during a demonstration in support of Palestinians in Gaza, outside the Israeli embassy, in Athens, Monday, June 9, 2025 (AP)

Athens mayor slams Israeli ambassador over Gaza war, graffiti claim

  • Politics
  • 3 Aug 2025
An explosion seen during an Iranian missile attack on Tel Aviv, Occupied Palestine, June 13, 2025 (AP)

If Iran is attacked again, geography of response may change: IRGC spox

  • Politics
  • 30 Jul 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Israeli soldiers drive on their armored personnel carrier back from inside the northern Gaza Strip, Tuesday, July 29, 2025. (AP)
Politics

Full occupation of Gaza on the table despite military's opposition

Israeli Prime Minister Benjamin Netanyahu speaks to the audience at a conference in occupied al-Quds, occupied Palestine, Sunday, July 27, 2025 (AP)
Politics

Netanyahu blamed for sabotaging Gaza captives deal, say their families

A mine operated by Serra Verde Mining in Minacu, Goias state, Brazil, Monday, July 28, 2025 (AP)
Politics

China’s mineral export ban disrupts US defense supply chain

ap
Politics

Aid allowed by 'Israel' covers only 14% of Gaza's needs: Media Office

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