An International Monetary Fund (IMF) team met Sri Lanka's president on Wednesday for talks on a bailout, including restructuring debt of about $29 billion, amid the nation's worst financial crisis in more than seven decades.
A man wears a headband with a slogan against Sri Lankan leader Ranil Wickremesinghe near the Presidential secretariat in Colombo on July 17 2022. Arun Sankar/ AFP
The second such visit in three months comes as the Indian Ocean island scrambles to lock down a staff-level pact for a possible $3 billion program. The main sticking point is how to find a sustainable track for Sri Lanka's unwieldy debt, which stood at 114% of GDP at the end of last year. Japan and China are the largest holders of bilateral debt, with the latter accounting for about $3.5 billion. Overall, when commercial debt is added, China holds about a fifth of Sri Lanka's debt portfolio.
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