After India, debt-ridden Sri Lanka gets China’s support for IMF bailout package


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Colombo: Days after India strongly backed Sri Lankas’s efforts to secure the loan from the global lender to recover from its worst-ever economic crisis, the island nation has received the financing assurances from China required to unlock a USD 2.9 billion bailout package by the International Monetary Fund. The Sunday Times newspaper reported that China’s Exim Bank delivered a letter on Saturday granting Sri Lanka a two-year moratorium on repayment and agreeing with the International Monetary Fund’s extended fund facility (EFF). The report was confirmed by Sri Lankan officials who did not want to be named. The Chinese response came...