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Sri Lanka: China EXIM Bank Debt Moratorium to End in April 2024

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Quibit

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Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

Sri Lanka: China EXIM Bank Debt Moratorium to End in April 2024 Image_11

As per the agreement reached in January 2023, China Exim Bank agreed to give a 2 year extension for debt service due in 2022 and 2023 as an immediate contingency measure "based on Sri Lanka's request". As per this agreement, the  Government would be required start repaying the debt due in 2022 and 2023, from 2024 onwards, or to seek further extension from China Exim Bank.

This is likely to widen the external financing gap as per the IMF Programme Financing Plan for Sri Lanka and cause further set back to the IMF Programme in Sri Lanka.

According to a letter reviewed by Reuters, China EximBank said it was going to provide "an extension on the debt service due in 2022 and 2023 as an immediate contingency measure" based on Sri Lanka's request. It had also stated, "You will not have to repay the principal and interest due of the bank's loans during the above-mentioned period", adding that China EximBank wanted to expedite the negotiation process with the Sri Lanka side regarding medium and long-term debt treatment in this period.

Source Articles

China offers Sri Lanka debt moratorium, IMF help still in doubt Published on 24th January 2023

The Export-Import Bank of China has offered Sri Lanka a two-year moratorium on its debt and said it would support the country's efforts to secure a $2.9 billion loan from the International Monetary Fund, according to a letter reviewed by Reuters.

According to the letter, China EximBank said it was going to provide "an extension on the debt service due in 2022 and 2023 as an immediate contingency measure" based on Sri Lanka's request.

"You will not have to repay the principal and interest due of the bank's loans during the above-mentioned period," the letter said, adding China EximBank wanted to expedite the negotiation process with your side regarding medium and long-term debt treatment in this period. By end-2020, Sri Lanka owed China EximBank $2.83 billion or 3.5% of the island's external debt, according to IMF data.

https://www.reuters.com/markets/asia/chinas-exim-bank-offers-sri-lanka-debt-extension-letter-2023-01-24/

Sri Lanka says China debt deal covers $4.2 billion as other talks drag on Published on 12th October 2023

Sri Lanka said on Thursday it reached an agreement with the Export-Import Bank of China covering about $4.2 billion of outstanding debt, while talks with other official creditors stall.

Sri Lanka, mired in its worst financial crisis in decades, has been trying reach restructuring deals with creditors since last autumn, having being forced to default on its foreign debt in May 2022 after its foreign exchange dwindled to record lows.

https://www.reuters.com/markets/asia/sri-lanka-says-it-has-deal-with-china-exim-bank-cover-42-bln-debt-2023-10-12/

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Japan urges early signing of debt MoU between Sri Lanka and creditors

(Reuters) - Japan restated the importance for early completion of signing of a Memorandum of Understanding (MoU) between Sri Lanka and creditor nations on debt restructuring, after an agreement was reached in principle late last year.

It also emphasised the need to ensure transparency and comparability in agreements with creditors outside the Official Creditor Committee (OCC), according to a statement dated Friday.

Japan, along with France and India, co-chair the committee of 15 creditor nations.

Battling its worst financial crisis since independence in 1948, the South Asian island nation is trying to restructure deals with creditors after soaring inflation, currency depreciation and low foreign reserves sent its economy into free fall, forcing it to default on foreign debt in May 2022.

Sri Lanka and its creditors said in November they reached an agreement in principle on debt restructuring that would cover approximately $5.9 billion of outstanding public debt and consisted of a mix of long-term maturity extension and reduction in interest rates.

China, Sri Lanka's largest bilateral creditor, has struck its own deal with the island nation, but has not joined OCC as a formal member.

Sri Lanka's total external debt is estimated at $36.4 billion, which includes $10.81 billion of bilateral debt, according to data released by its finance ministry in September.

Sri Lanka needs to secure debt restructuring agreements with both bilateral creditors and bondholders, possibly by March, to complete the second review of a $2.9 billion bailout from the International Monetary Fund.

This will be a serious concern for the next president.

Chinese debt repayments are due now as 2 year Debt moratorium granted by China EXIM bank is over April 8 2024.

DeepFreakingValue

Post Tue Apr 16, 2024 11:22 pm by DeepFreakingValue

Sri Lanka Agreement With China’s EXIM Bank on Debt end in April 2024

According to Mao Ning, the EXIM Bank has provided Sri Lanka with an extension on the debt service due in 2022 and 2023, which will help relieve the island’s short-term debt repayment pressure.

This means that Sri Lanka will not have to repay the principal and interest due of the Bank’s loans until 2024, she added. Accordingly EXIM bank loans will become due only in 2024 after the said moratorium.

Speaking further the ministerial spokesperson, who stated that China’s EXIM Bank is willing to have friendly consultation with Sri Lanka regarding medium- and long-term debt treatment in this window period, also noted that the Bank would make best efforts to contribute to the debt sustainability of the island nation.

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