COLOMBO, Jan 12 — Sri Lanka ruled out an IMF bailout today and said it plans to seek another loan from China to address an economic crisis that has led to food and fuel shortages.
But central bank governor Ajith Nivard Cabraal rejected mounting calls from local and international economists to seek an International Monetary Fund bailout and debt restructure. “They would assist us in making the repayments... the new loan coming from China is in order to cushion our debt repayments to China itself,” he said.
Sri Lanka has borrowed heavily from China for infrastructure in the past, some of which ended up as white elephants.
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