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Sri Lanka says it has reached an agreement with China's EXIM Bank on debt, clearing IMF funding snag

By News Desk - Oct 12, 2023, 03:09 AM ET
Last Updated - Oct 12, 2023, 05:30 AM EDT
sri lanka woman
Sri Lanka's recently announced debt-restructuring deal with China Exim Bank may help ease obstacles to further IMF funding.

Sri Lanka claims to have reached a deal on key terms and principles on its debt restructuring with the Exim Bank of China

Sri Lanka has reached an agreement with China's Exim Bank covering a $4.2-billion debt repayment. This removes a major obstacle to getting more International Monetary Fund (IMF) funding to tide over further default threats. 

The second installment of a $2.9-billion package from IMF was stuck on the pending repayments to Chinese creditors.

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The Sri Lankan Finance Ministry said in a statement on Wednesday that the deal with the creditor was a major step in guiding the national economic recovery, a report from the Associated Press said. 

The statement said the deal allows Colombo more space to implement its economic reform agenda.  

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