What China has offered Sri Lanka is not enough for IMF bailout – U.S. Official

Under Secretary of State for Political Affairs of the United States, Victoria Nuland said her country expects China as the largest bilateral creditor to Sri Lanka to give credible assurance to Sri Lanka’s debt restructuring in keeping with the International Monetary Fund (IMF).

Speaking on the matter, however, the visiting U.S. official noted that China’s offer pertaining to their financial assurances thus far remain insufficient, adding that the IMF needs to see credible and specific assurance that matches their standard on debt restructuring prior to moving forward with an agreement.

She also announced the grant of an additional US $ 30 million to provide meals to school children in 850 schools.

Sri Lanka is currently awaiting board approval from the IMF pertaining to the Extended Fund Facility (EFF) of USD 2.9 billion.