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Sri Lanka crisis

China relents on Sri Lanka debt, paving way for bailout

Beijing eyes opportunity to extend clout over Global South

A man carries a sack of vegetables at a main market in Colombo.   © Reuters

MUMBAI/BEIJING -- Sri Lanka is a step closer to receiving a $2.9 billion bailout package from the International Monetary Fund after China, a leading creditor, offered additional support amid growing calls for relief.

"I welcome the progress made by Sri Lankan authorities in taking decisive policy actions and obtaining financing assurances from all their major creditors," including China, India and the Paris Club, IMF Managing Director Kristalina Georgieva posted on Twitter on Tuesday, the same day the IMF announced that its executive board will meet on March 20 to review the proposed bailout package.

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