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AP National Business

China expresses support for Sri Lanka ahead of debt meeting

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Published 7:43 AM

By JOE McDONALD and BHARATHA MALLAWARACHI
Associated Press

BEIJING (AP) — China has expressed support for Sri Lanka ahead of a meeting of lenders to poor economies but gave no indication if it would help reduce a multibillion-dollar debt that has plunged the Indian Ocean nation into financial and political turmoil. Beijing is one of Sri Lanka’s biggest creditors after extending it loans to build a port and other facilities. China has offered a two-year suspension of repayments but balked at reducing the amount owed. A government spokesperson says China is ready to “play a positive role” to help Sri Lanka. He did not say whether Beijing would agree to a debt reduction sought by the International Monetary Fund as a condition for an emergency loan.

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