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AP National Business

China mulls package to ease Sri Lanka’s economic crisis

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KMIZ

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Published 6:18 AM

By BHARATHA MALLAWARACHI
Associated Press

COLOMBO, Sri Lanka (AP) — China’s ambassador to Sri Lanka says it is considering a request for $2.5 billion in assistance to help the island nation through its worst debt and foreign currency crisis in memory. Qi Zhenhong said Monday that Beijing is studying the Sri Lankan government’s appeal for a $1 billion loan and $1.5 billion credit line. He was non-committal about a request to restructure China’s loans to Sri Lanka. Sri Lanka’s foreign reserves are dwindling at a time when it faces huge debt obligations. The country’s struggle to pay for imports has caused shortages of medicine, fuel, milk powder, cooking gas and other essentials. 

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