China’s Xi promises to assist Sri Lanka & increase trade with it

• China’s Xi promises to assist Sri Lanka & increase trade with it.
• The two leaders discussed projects such as the Colombo port city & Hambantota.
• Sri Lanka faced a debt crisis that led to a default on foreign debt payments.

Chinese President Xi Jinping assured his Sri Lankan counterpart, President Ranil Wickremesinghe, that China is ready to provide assistance to Sri Lanka without imposing any political conditions and is willing to increase its imports of Sri Lankan products.

The two leaders discussed major projects such as the Colombo port city and Hambantota, which are part of China’s ‘Belt and Road’ initiative.

This commitment follows an agreement between Sri Lanka and the Export-Import Bank of China to address a portion of the country’s $7 billion debt to Chinese lenders.

Sri Lanka faced a debt crisis that led to a default on foreign debt payments due to a shortage of dollar reserves, affecting essential imports like fuel and medicine last year.

President Xi expressed China’s intention to support Sri Lanka in overcoming its challenges and promote economic cooperation between the two nations.

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