China assures Sri Lanka of “steadfast support” on its road to economic recovery

China’s Vice Minister of Foreign Affairs Sun Weidong has assured Sri Lankan President Ranil Wickremesinghe of “steadfast support” to overcome the unprecedented economic crisis the island nation is going through

China’s Vice Minister of Foreign Affairs Sun Weidong has assured Sri Lankan President Ranil Wickremesinghe of “steadfast support” to overcome the unprecedented economic crisis the island nation is going through.

Mr. Weidong met President Wickremesinghe on May 30 and expressed keen interest in exploring opportunities to strengthen the bilateral relations while reiterating China’s steadfast support for Sri Lanka in its ongoing economic recovery, an official statement on May 31 said.

Sri Lanka is in talks with China along with other bilateral creditors to negotiate debt restructuring as part of an IMF-backed plan to reduce and manage the island nation's debt.

The crisis-hit country owes $7.1 billion to bilateral creditors, with $3 billion owed to China.

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As President Wickremesinghe expressed his sincere appreciation for the unwavering assistance provided by China during this critical period, it highlights China’s dedication to fostering closer ties with Sri Lanka on various fronts, the statement said.

Meanwhile, The Asian Development Bank (ADB) approved a $350 million special policy-based loan to provide budget support to the cash-strapped country for its economic stabilisation.