COLOMBO – Sri Lankan President Anura Kumara Dissanayake will embark on a three-day visit to China on Jan 14, ahead of presenting his first national budget, Information Minister Nalinda Jayatissa announced on Tuesday (Jan 7).
The visit comes as Sri Lanka continues to recover from its worst economic crisis in 2022, which saw the nation default on its sovereign debt. China, Sri Lanka’s largest bilateral lender, holds over half of the island nation’s $14 billion government-to-government debt at the time of the default.
President Dissanayake’s trip follows his December visit to India and reflects his efforts to strengthen ties with key partners as Sri Lanka implements reforms to stabilize its economy. His budget, scheduled for next month, is expected to outline measures to sustain recovery, including maintaining high taxes to boost state revenues under a $2.9 billion IMF bailout program.
The visit to China is anticipated to include discussions on further financial assistance and the signing of agreements to enhance bilateral cooperation, particularly in areas such as media collaboration. Accompanying the president on the trip will be Foreign Minister Vijitha Herath and Transport Minister Bimal Rathnayake. This engagement with China marks a critical step for Sri Lanka as it continues its post-crisis journey, aiming to solidify international partnerships and secure economic stability.