China assures continuous support to Sri Lanka’s debt restructuring process

Prime Minister Dinesh Gunawardena with Chinese counterpart Li Qiang in Beijing 

• Chinese Premier Li Qiang commits to extend assistance to develop Katunayake International Airport, Hambantota Port and Colombo Port City

Chinese Prime Minister Li Qiang yesterday assured his Lankan counterpart Dinesh Gunawardena that his country would assist Sri Lanka’s debt restructuring process continuously and develop its economy.

Sri Lanka has $4.2 billion bilateral debt and $ 2.9 billion in commercial debt outstanding to China.

During the high-level bilateral talks in Beijing, the Chinese Prime Minister praised Sri Lanka’s economic progress after a period of economic downside. He expressed gratitude to Prime Minister Dinesh Gunawardena staying: “You and your family continuously worked for strengthening friendship between China and Sri Lanka.”

He pointed out that Sri Lanka consistently followed ‘One China’ policy and supported China at international forums. Premier Li Qiang said his country would also extend assistance to develop Katunayake International Airport, Hambantota Port and Colombo Port City.

Premier Gunawardena thanked China for standing for Sri Lanka’s independence, territorial integrity and sovereignty and helping Sri Lanka when faced with international political issues or economic problems.

After discussions with the Chinese Prime Minister at the Great Hall in Beijing, Prime Minister Gunawardena paid floral tributes to the martyred war heroes at the Monument to the People’s Heroes at Tiananmen Square.

Before the bilateral talks, the Prime Minister was given a warm welcome with a guard of honour by the Chinese military. 

The bilateral talks focused on increasing overall cooperation in the social, cultural, educational, and agricultural sectors in addition to economic cooperation.

The Prime Ministers of the two countries confirmed that a new chapter in the long-term friendship and cooperation between Sri Lanka and China will begin through the nine Memoranda of Understanding (MoUs) signed between the two countries.

Secretary to the Prime Minister Anura Dissanayake signed the agreements on behalf of Sri Lanka, and the secretaries of nine ministries signed on behalf of China.

A group including Ministers of the People’s Republic of China, Sri Lankan State Ministers Shehan Semasinghe and Ashoka Priyantha, and MP Yadamini Gunawardena participated in this event.