He also said that Sri Lanka is trying to balance its relations to ensure that there are no differences in the way it deals with neighboring countries India and China. Sri Lanka’s Foreign Affairs Minister has expressed this opinion in the context of competing for geopolitical dominance in Sri Lanka as the two major countries that compete with each other in Asia have given a lot of loans to Sri Lanka.
Asked at the Reuters Next conference in Singapore whether restructuring efforts with Sri Lanka’s lenders would ever end, Ali Sabri said he expects that in the next few weeks.
The minister has said that we will officially complete the debt restructuring process by the end of this month and then we should start making payments based on that.
Sri Lanka has entered into an interim agreement with some of its bondholders to move forward with the restructuring of its bonds. Now other private lenders and the International Monetary Fund have to accept it.
Sri Lanka’s situation is significant as it owes USD 37 billion in external debt.
Ali Sabri at the Reuters conference
