China’s Ex-Im Bank Reaches Preliminary Debt Deal With Sri Lanka

(Bloomberg) — A Chinese financial institution reached a preliminary agreement with Sri Lanka on resolving China-related debt in a potentially major step toward resolving the South Asian nation’s fiscal woes.

The deal involving Export-Import Bank of China was reached late last month, Chinese Foreign Ministry spokesman Wang Wenbin said Tuesday at a regular press briefing in Beijing. Wang didn’t give details on how the debt was resolved, and officials in Sri Lanka didn’t immediately respond to a request for comment.