Faced with an imminent financial crisis, Sri Lanka has reached an agreement with the Export-Import (Exim) Bank of China to cover around $4.2 billion of the island nation’s outstanding debt, according to a statement issued by the finance ministry on Thursday. The government of the cash-strapped nation, which was hit by its worst economic crisis in history when its foreign exchange reserves fell to a critical low, stated that the proposed terms would offer the required fiscal flexibility for Sri Lanka to carry out its ambitious reform program. However, no specific details about the agreement were disclosed in the announcement. The government also expressed hope that the deal would expedite the release of a portion of the $2.9 billion International Monetary Fund (IMF) bailout, which aims to alleviate Sri Lanka’s mounting debt burden. This, in turn, would pave the way for the disbursement of the second IMF tranche, totaling around $330 million....Read more https://www.theepochtimes.com/world/sri-lanka-signs-covert-debt-deal-with-china-5509037