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President of China Xi Jinping attends the plenary session during the 2023 BRICS Summit at the Sandton Convention Centre in Johannesburg, South Africa on August 23, 2023. GIANLUIGI GUERCIA/Pool via REUTERS Acquire Licensing RightsBEIJING/JOHANNESBURG, Aug 24 (Reuters) - China's leader Xi Jinping told African leaders at a meeting on the sidelines of the BRICS summit on Thursday that China would launch initiatives to support Africa's industrialisation and agricultural modernisation. "China will better harness its resources for cooperation with Africa and initiatives of businesses to support Africa in growing its manufacturing sector and realizing industrialisation and economic diversification," Xi said without providing details. Xi's pledge was made as the BRICS Summit wrapped up, during a meeting with leaders and ministers from the African Union and 11 African countries including Libya, Nigeria, Senegal and Zambia. "In 2009, it issued grants and loans worth $88 billion to support infrastructure projects in Africa.

Persons: China Xi Jinping, GIANLUIGI, Xi Jinping, Xi, Xi's, Wu Peng, Brad Parks, William, William & Mary, Parks, David Monyae, Michael Martina, Carien du Plessis, Rachel Savage, Jonathan Oatis Organizations: REUTERS Acquire, Rights, African Union, U.S, William &, University of Johannesburg's Centre, Thomson Locations: China, Sandton, Johannesburg, South Africa, Rights BEIJING, JOHANNESBURG, Africa, Libya, Nigeria, Senegal, Zambia, Brazil, Russia, India, Egypt, Ethiopia, China Africa, Kenya

[1/2] China's President Xi Jinping takes his seat at the first closed session of the leaders of the BRICS summit meeting in Johannesburg, South Africa, July 26, 2018. China's interactions with African leaders will follow last month's Russia-Africa summit in St Petersburg, where Russian President Vladimir Putin held court with the 17 African heads of state who attended out of the 54 African countries invited. Chen said Xi and African leaders will draw up a blueprint for cooperation to create jobs and improve livelihoods in Africa. It is not clear yet how many heads of state will attend the Aug. 22-24 BRICS summit, but South African officials said more than 70 had been invited. Between 2000 and 2020, Chinese lenders, mostly state-owned banks, agreed to lend $160 billion to African countries, according to Boston University, and Chinese companies have also invested heavily in mining on the continent.

Persons: Xi Jinping, Gianluigi, Chen Xiaodong, Xi, Cyril Ramaphosa, Vladimir Putin, Chen, Macky Sall, Azali Assoumani, Carien du Plessis, Rachel Savage, Tomasz Janowski Organizations: Rights, Forum for China Africa Cooperation, Union, Boston University, Thomson Locations: Johannesburg, South Africa, Rights PRETORIA, China, Africa, Brazil, Russia, India, South, Pretoria, St Petersburg, Comoros

[1/2] Sri Lankan rupees are seen in a bowl at a vegetable vendor's shop amid the rampant food inflation, amid Sri Lanka's economic crisis, in Colombo, Sri Lanka, July 29 , 2022. China has extended its "firm support to Sri Lanka through a debt treatment", EXIM Bank wrote in the letter to the Sri Lankan government on March 6. "Meanwhile, we would like to expedite the negotiation process with your side regarding medium- and long-term debt treatment in this window period, with a view to finalising the specifics of a debt treatment in the coming months. We will make our best efforts to contribute to the debt sustainability of Sri Lanka." By end-2020, Sri Lanka owed EXIM $2.83 billion, or 3.5% of its external debt, according to IMF data.

It was not clear what new support China, the world's biggest sovereign creditor, had extended to Sri Lanka on Monday. By end-2020, Sri Lanka owed the Export-Import Bank of China $2.83 billion or 3.5% of the island's external debt, according to IMF data. Sri Lanka needs to repay about $6 billion on average each year until 2029 and will have to keep engaging with the IMF, Wickremesinghe said. Countries in debt distress such as Zambia and Sri Lanka have faced unprecedented delays in securing IMF bailouts as China and Western economies have clashed over how to provide debt relief. Sri Lanka has been waiting for about 187 days to finalise a bailout after reaching a staff-level deal with the IMF.

☆ Sri Lanka expects approval of $2.9 billion IMF deal after China support
▼ + stars: | 2023-03-07 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +4 min

"Sri Lanka has completed all prior actions that were required by the IMF," Wickremesinghe said. It was not clear what new support China, the world's biggest sovereign creditor, extended to Sri Lanka on Monday. By end-2020, Sri Lanka owed the Export-Import Bank of China $2.83 billion or 3.5% of the island's external debt, according to IMF data. Sri Lanka needs to repay about $6 billion on average each year until 2029 and will have to keep engaging with the IMF, Wickremesinghe said. Sri Lanka has been waiting for about 187 days to finalise a bailout after reaching a staff-level deal with the IMF.

☆ With China's support, Sri Lanka expects nod for $2.9 bln IMF deal
▼ + stars: | 2023-03-07 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +4 min

"Sri Lanka has completed all prior actions that were required by the IMF," Wickremesinghe said. It was not clear what new support China, the world's biggest sovereign creditor, extended to Sri Lanka on Monday. By end-2020, Sri Lanka owed the China EximBank $2.83 billion or 3.5% of the island's external debt, according to IMF data. Sri Lanka needs to repay about $6 billion on average each year until 2029 and will have to keep engaging with the IMF, Wickremesinghe added. Sri Lanka has been waiting for about 187 days to finalise a bailout after reaching a staff-level deal with the IMF.

☆ Analysis: Cash-strapped countries face IMF bailout delays as debt talks drag on
▼ + stars: | 2023-03-02 | by ( Jorgelina Do Rosario | ) www.reuters.com time to read: +7 min

IMF funding is often the sole financial lifeline available to countries in a debt crunch, and key to unlocking other financing sources, with delays putting pressure on government finances, companies and populations. Though staff agreements can be reached without financing assurances, the IMF board needs them to approve the programme. Chinese Premier Li Keqiang said on Wednesday the country is willing to "constructively" participate in solving debt problems of relevant countries under a multilateral framework. But Beijing has always emphasised all creditors should follow the principle of "joint action, fair burden" in debt settlements. Adding another layer of complexity to these debt talks, the Common Framework doesn't lay out precise rules on how a debt restructuring with bilateral creditors should work.

☆ China calls for 'joint action' in debt settlements at G20
▼ + stars: | 2023-02-24 | by ( Joe Cash | ) www.reuters.com time to read: +3 min

BEIJING, Feb 24 (Reuters) - China, the world's largest bilateral creditor, urged G20 nations on Friday to conduct a fair, objective and in-depth analysis of the causes of global debt issues and to "resolve the problem in a comprehensive and effective manner." The United States has repeatedly criticised China over what it considers to be "foot-dragging" on debt relief for dozens of low-and middle-income countries. According to a statement released by his ministry, Liu said that international financial institutions and commercial creditors should follow the principle of "joint action, fair burden" in debt settlements. Officials from the IMF, the World Bank and G7 nations will meet on Saturday on the sidelines of the G20 meeting for the first in-person discussions of the new IMF Global Sovereign Debt Roundtable. China's role in the G20 Common Framework, however, is expected to feature in Saturday's talks.

[1/2] Drivers push auto rickshaws in a line to buy petrol from a fuel station amid Sri Lanka's economic crisis, in Colombo, Sri Lanka, July 29, 2022. Regional rivals China and India are the biggest bilateral lenders to Sri Lanka, a country of 22 million people that is facing its worst economic crisis in seven decades. At the end of 2020, China EximBank had loaned Sri Lanka $2.83 billion which is 3.5% of the island's debt, according to an IMF report released in March last year. "The bank will support Sri Lanka in your application for the IMF Extended Fund Facility (EFF) to help relieve the liquidity strain," China's letter said. DEBT SUSTAINABILITYIn a letter directly addressed to the IMF, India said last week that the financing or debt relief provided by Export-Import Bank of India would be consistent with restoring debt sustainability under the IMF-supported program.

Regional rivals China and India are the biggest bilateral lenders to Sri Lanka, a country of 22 million people that is facing its worst economic crisis in seven decades. According to the letter, the Export-Import Bank of China 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. At the end of 2020, China EXIM bank had loaned Sri Lanka $2.83 billion which is 3.5% of the island's debt, according to an IMF report released in March last year. "The bank will support Sri Lanka in your application for the IMF Extended Fund Facility (EFF) to help relieve the liquidity strain," the letter said. Sri Lanka's foreign and finance ministries did not immediately respond to questions from Reuters.

☆ India says it is committed to boosting investment in crisis-hit Sri Lanka
▼ + stars: | 2023-01-20 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +2 min

"We count on the government of Sri Lanka to provide a more business friendly environment to create a powerful pull factor." India has told the global lender that it strongly supports Sri Lanka's debt restructuring plan, with Sri Lanka owing about$1 billion to its nearest neighbour. We extended financial assurances to the IMF to clear the way for Sri Lanka to move forward." China is Sri Lanka's largest bilateral lender and the last remaining major creditor to yet to agree to the plan. Sri Lanka owed Chinese lenders $7.4 billion, or nearly a fifth of its public external debt, by the end of last year, calculations by the China Africa Research Initiative show.

☆ India foreign minister visits Sri Lanka with stronger ties, China in focus
▼ + stars: | 2023-01-19 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +3 min

During his two-day visit, his third to Sri Lanka since 2021, minister Subrahmanyam Jaishankar will look to strengthen India's ties with its debt-ridden neighbour and sign several key deals. The two countries are also expected to sign a Memorandum of Understanding for a renewable power project covering three islands in Sri Lanka's north during Jaishankar's visit, two sources at Sri Lanka's power and energy ministry said. Jaishankar will meet Sri Lanka's president on Friday morning, his office confirmed. He will also hold discussions with Sri Lanka's prime minister and foreign minister, according to a statement from India's foreign ministry. "The U.S. stands ready to assist Sri Lanka to unlock IMF assistance when all creditors agree to fair and equitable treatment," Julie Chung, the U.S. ambassador to Sri Lanka, said in a tweet on Thursday.

COLOMBO, Jan 18 (Reuters) - India has told the International Monetary Fund that it strongly supports Sri Lanka's debt restructuring plan as the island nation seeks a $2.9 billion loan from the global lender, according to a letter seen by Reuters. "We hereby confirm our strong support for Sri Lanka's prospective (loan) program and commit to supporting Sri Lanka with financing/debt relief consistent with restoring Sri Lanka's public debt sustainability," Indian finance ministry official Rajat Kumar Mishra told the IMF chief in a letter dated Jan. 16. Sri Lanka owes India around $1 billion that will come under the debt restructuring plan, a source familiar with the matter told Reuters earlier this week. New Delhi separately provided Sri Lanka with about $4 billion in rapid assistance between January and July last year, including credit lines, a currency swap arrangement and deferred import payments. Sri Lanka owed Chinese lenders $7.4 billion - nearly a fifth of its public external debt - by the end of last year, according to calculations by the China Africa Research Initiative (CARI).

☆ India tells IMF it backs Sri Lanka's debt restructuring plan, source says
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +3 min

[1/2] A medical worker talks to a vendor selling household goods and food for patients and their family members, outside Apeksha Hospital, Colombo, Sri Lanka, August 11, 2022. Sri Lanka's finance ministry did not immediately respond to a request for comment. Sri Lanka owes India around $1 billion that will come under the debt restructuring plan, the source said. "Talks with bilateral lenders including India and China to restructure Sri Lanka's debt are progressing well and we are hopeful of finalising support from the IMF in the first quarter of 2023," Sri Lanka's cabinet spokesperson, Bandula Gunawardana, told reporters on Tuesday. The IMF has stressed the importance of joint talks involving three of Sri Lanka's main bilateral creditors - China, Japan and India.

China is Sri Lanka's largest bilateral creditor and, with India and Japan, part of official creditor talks to restructure the country's debt. "China will have to play a major role in Sri Lanka's debt restructuring process," CARI researchers Umesh Moramudali and Thilina Panduwawala wrote in the report. The island nation's total external debt is $37.6 billion, according to the report. Adding central bank foreign currency debt, including a $1.6 billion currency swap with China, public external debt rises to $40.6 billion, of which 22% is from Chinese creditors. The loan agreements have clauses that "submit the loans to Chinese governing law and arbitration before the China International Economic and Trade Arbitration Commission".

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