Sri Lanka won’t be able to resolve its debt restructuring problems without help from China as the country teeters on the brink of economic collapse, according to analysts.
Sri Lanka has defaulted on its debt, plunging the island nation into its worst financial crisis since independence in 1948. In addition to fuel shortage, the country also faces the prospect of running out of food, staples and medicines.
Public frustration over the deepening economic crisis has spilled over to raging street protests in recent months. President Gotabaya Rajapaksa, who has been blamed for the economic mismanagement, was forced to resign and fled overseas last week as anger toward his government spiraled.
Acting President Ranil Wickremesinghe declared a state of emergency on Sunday, in an effort to quell protests ahead of a vote in parliament on Wednesday to elect a new leader.
China’s willingness to provide substantial debt relief to Sri Lanka will be vital to accelerate the debt restructuring and in helping the country get out of its current situation, said Umesh Moramudali, lecturer at University of Colombo
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