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: Two were martyred in an initial toll of the Israeli drone strike that targeted the al-Asira neighborhood in the city of Baalbek, eastern Lebanon
Al Mayadeen's correspondent: An Israeli drone strike targeted the al-Asira neighborhood east of Baalbek, eastern Lebanon
Sheikh Naim Qassem to the pager attack survivors: You are the greatest resistance. Know that 'Israel' will fall because it embodies aggression, crime, and occupation; victory is truly yours
Sheikh Qassem to the pager attack survivors: The value of what you are doing despite your wounds is immense, and here you are, treading the path of the Master of Nation's Martyrs and the leaders
Sheikh Qassem to the pager attack survivors: You are moving forward with insight deeper than sight itself. The enemy sought to eliminate your role in the battle, yet you remain steadfast and continue the fight
Hezbollah Secretary-General Sheikh Naim Qassem to the pager attack survivors one year later: You are healing from your wounds and rising above them. You have successfully passed the test
Palestinian media: Reports of stabbing operation in occupied al-Quds.
Israeli media: Sirens blare in Arava in South, near Ramon Airport.
Egyptian PM Mostafa Madbouli: Egypt is targeted in plans to redraw regional map
AEOI Chief Mohammad Eslami: Our presence in IAEA General Council and fact-checking helped in preventing unilateral rhetoric that aims to portray Iran as an unregulated country

Sri Lanka shuns IMF loan, seeks assistance from China

  • By Al Mayadeen Net
  • Source: Agencies
  • 13 Jan 2022 11:18
2 Min Read

Sri Lanka has been going through an economic crisis: food and fuel shortages, inflation, and crippling debt. Instead of taking another IMF loan, Colombo seeks a Chinese loan.

  • x
  • Chinese FM Wang Yi with Sri Lanka's President Gotabaya Rajapaksa.
    Chinese FM Wang Yi with Sri Lanka's President Gotabaya Rajapaksa.

Sri Lanka shunned an IMF bailout Wednesday, showing intent to acquire a new loan from China to ameliorate the economic crisis which has led to food and fuel shortages. 

Colombo's economy, which is dependent on tourism, has experienced a devastating downturn due to the effect of the pandemic. During the crisis, supermarkets have been rationing goods and civilians power blackouts because power utilities have not been able to pay imported fuel expenses. 

Sri Lanka has $35 billion in foreign debt. To tackle this, the country has closed some of its foreign missions and has resorted to paying the debt in Ceylon tea. 

Sri Lanka's governor of the central bank Ajith Nivard Cabraal rejected local and international economists' calls to go for an IMF bailout and debt restructure solution to the crisis, implying the repercussions of an IMF loan are quite detrimental.

Related News

Lebanon passes banking restructuring law to secure funds from the IMF

Ecuador's Noboa begins term facing IMF backlash, rising doubts

"The IMF is not a magic wand," he told a news conference in Colombo. "At this point, the other alternatives are better than going to the IMF."

Colombo looks to Beijing 

Cabraal reveals that Colombo-Beijing talks for a new loan are at an "advanced stage," and that a new agreement will service existing debt to Beijing. 

"They would assist us in making the repayments... the new loan coming from China is in order to cushion our debt repayments to China itself," he said.

China accounts for at least 10% of Sri Lanka's external debt. 

Recently, Chinese Foreign Minister Wang Yi visited Sri Lanka, meeting President Gotabaya Rajapaska, to discuss debt repayment structuring. 

No indication of the size of the loan was given by Cabraal, though he said that talks were underway with India for a $1 billion credit line to fund imports. The governor, furthermore, said that Sri Lanka will be repaying a $500 million sovereign bond that matures next Tuesday, despite many economic experts telling him to seek IMF assistance. 

  • Sri Lanka
  • IMF
  • China
  • Wang Yi

Most Read

Why is Choose Love using a firm with British and US intelligence connections to run a pro-Palestine musical event? (Al Mayadeen English; Illustrated by Batoul Chamas)

Together for Palestine: Troubling questions about the organisers of this huge event

  • Opinion
  • 17 Sep 2025
Uprising against Volker Turk at the Human Rights Council over Gaza.

Uprising against Volker Turk at the Human Rights Council over Gaza

  • Politics
  • 12 Sep 2025
A screengrab from the ad played on Fox News. (X Screengrab)

Fox airs ad warning Trump not to let Netanyahu 'play' him on Gaza

  • US & Canada
  • 11 Sep 2025
Lapid: Egypt’s Arab Force plan a 'severe blow' to normalization

Lapid: Egypt’s Arab Force plan a 'severe blow' to normalization

  • Palestine
  • 14 Sep 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
A Hezbollah supporter who lost his sight in a pager attack carried out by "Israel" on Sept. 17, 2024, covers his eyes with a red headband inscribed with the name "Hussein" during Ashoura, July 6, 2025 (AP)
Politics

'We Have Recovered': Lebanon marks 1st anniversary of Pager Attack

The Arab neighborhood of El Za'im, on the outskirts of east Occupied Al-Quds in the West Bank, near where Israeli government says housing units will be built as part of the E1 settlement project, Thursday, August 21, 2025. (AP Photo/Ohad Zwigenberg)
Palestine

'Israel’s' deliberate policies drive West Bank economy toward collapse

Ben & Jerry's ice cream shop, Wednesday, Feb. 26, 2025, in Cambridge, Mass. (AP Photo/Charles Krupa)
Politics

Ben & Jerry’s co-founder resigns over parent company curbing activism

Trump’s approval rating falls to new low in second term: Poll
US & Canada

Trump’s approval rating falls to new low in second term: Poll

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