Sri Lanka and China will expedite ongoing development cooperation projects, and increase trade and investment, with “a special focus” on poverty alleviation and livelihoods generation, Sri Lanka’s Foreign Ministry said. Issuing a statement following a virtual diplomatic consultation between Sri Lankan Foreign Secretary Jayanath Colombage and Vice Minister of the Ministry of Foreign Affairs of China, Luo Zhaohui, the Ministry said both sides held “extensive discussions” on strengthening high level exchanges, the fight against COVID-19, economic recovery efforts, people-to-people exchanges and cooperation on “international and regional issues”. The virtual meet comes less than two months after the high-level Chinese delegation visited Colombo. Amid a persistent second wave of COVID-19, Sri Lanka faces a major economic crunch, as the country’s export and tourism sectors have been badly hit. Colombo has sought a $700 million loan from Beijing — in addition to the $500 million obtained in March — and is also negotiating a $1.5-billion currency swap facility with the People’s Bank of China. More loansSri Lanka has sought loans amounting to more than a billion dollars from China this year, while President Gotabaya Rajapaksa told the newly appointed Chinese Ambassador to Colombo that Sri Lanka “seeks investments, not loans” from China…. Read full this story
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