China backs Sri Lanka, clears way for IMF's $2.9B bailout
Shortpedia
Content Team
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China has assured Sri Lanka a two-year moratorium for 2022 and 2023, paving the way for the International Monetary Fund's (IMF) $2.9 billion bailout. Now, Colombo won't have to pay back the principal and interest to China's Export and Import Bank for these two years. The IMF's loan to Sri Lanka will now be determined by the outcome of China's two-year moratorium.
