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Economy

Sri Lanka begins talks with China on refinancing debt

Colombo asks Beijing for help as it struggles with debilitating financial crisis

Chinese Foreign Minister Wang Yi receives a gift from Sri Lanka's Prime Minister Mahinda Rajapaksa during a meeting in Colombo in January.   © Reuters

COLOMBO (Reuters) -- Sri Lanka has begun discussions with China about refinancing its debt, a cabinet spokesman said on Tuesday, as Colombo struggles with its worst financial crisis in decades.

China has suggested to Colombo that it would prefer to refinance the debt, said Nalaka Godahewa, Sri Lanka's media minister.

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