China lost $7 billion from Sri Lankan debt restructuring
The Hindu
China loses $7 billion in Sri Lanka debt restructuring, ambassador hopes for joint development with India in northern province.
China has suffered a loss of $7 billion from Sri Lanka’s external debt restructuring, a media report said on Tuesday (March 18, 2025).
The state-owned Daily News quoted Chinese Ambassador to Colombo Qi Zhenhong as saying that China was Sri Lanka’s first bilateral creditor to enter a restructuring agreement in October 2023. “However the public does not know about these details. This is because we do not shout about our assistance to Sri Lanka," Mr. Qi said.
Sri Lanka went on to restructure $46 billion of external credit when the island nation announced its first sovereign default in the economic crisis of 2022.
The ambassador expressed hope that both China and India can work jointly to develop Sri Lanka’s northern province. “I hope China, India and Sri Lanka can work together one day to implement a viable project here," the ambassador said.
He said China was not in dispute with India as both countries have grown rapidly and should work together to achieve shared goals.
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