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Seeking Better Terms
World Economy

Seeking Better Terms

Sri Lanka has asked China to swap some of the $8 billion it owes Beijing for equity in infrastructure projects and offered to sell stakes in Sri Lankan firms to Chinese companies, officials said Sunday, NewsNow reported. The ouster of former president Mahinda Rajapaksa, who steered Sri Lanka toward China until 2015, was a setback for ties, as his successor reviewed projects to check if they were fair and legal. Now President Maithripala Sirisena’s government, faced with falling foreign reserves, a balance of payments crunch and few, if any, alternative investors, is heading back into China’s embrace, albeit asking for better terms.

 

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