India wrote to the IMF earlier this month, saying it would commit to supporting Sri Lanka with financing and debt relief, but the island nation also needs the backing of China in order to reach a final agreement with the global lender.
According to the letter, the Export-Import Bank of China said it was going to provide an extension on the debt service due in 2022 and 2023 as an immediate contingency measure based on Sri Lanka's request. "...you will not have to repay the principal and interest due of the bank's loans during the above-mentioned period," the letter said.
Source: Loan Digest (loandigest.net)
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