Chinese banks are ready to negotiate with Sri Lanka on “properly handling matured debts”

The Chinese Ambassador to Sri Lanka, Qi Zhenhong, who called on Prime Minister Ranil Wickremasinghe on Monday told him that Chinese banks also ready to negotiate with Sri Lanka on “properly handling matured debts”, by which he perhaps meant rescheduling debt repayment. Qi also reaffirmed China's “continued and concrete support” covering grant, trade, investment in Sri Lanka during the current crisis. Wickremasinghe agreed with Ambassado Qi that Chinese and Sri Lankan joint ventures and projects have been playing a vitally important role in Sri Lanka's development and employment in the crisis, and both sides should support their construction and operation to generate impulses for Sri Lanka economic recovery. Ambassador Qi highlighted that 11,000 Sri Lankans are working in Chinese and Sri Lankan joint ventures and projects across the island. Despite the COVID-19 pandemic and all the other challenges, many companies and projects have  managed to increase their wage levels to support their families. Prime Minister Wickremesinghe said that Sri Lanka and China will jointly expedite the development of Port City Colombo and Hambantota Port and Industrial Park, and attract more FDI to Sri Lanka. The new government is also committed to protecting the legitimate rights and interests of Chinese and international investors, he added.