Sri Lankan President Anura Kumara Dissanayake is set to visit China next week, ahead of presenting his first national budget, Information Minister Nalinda Jayatissa announced on Tuesday.
The three-day visit, beginning January 14, comes as Sri Lanka continues its recovery from the devastating economic crisis of 2022. This will mark Dissanayake’s second foreign trip since assuming office in September, following his visit to India last month.
China, Sri Lanka’s largest bilateral lender, accounted for over half of the island nation’s $14 billion foreign debt when it defaulted in 2022. With its economy stabilizing under a $2.9 billion, four-year IMF bailout program initiated in 2023, the government recently concluded a long-delayed debt restructuring process.
The upcoming visit is expected to focus on deepening bilateral ties and potentially securing additional financial support from Beijing.
During the trip, Sri Lanka and China are expected to sign several agreements, including initiatives to enhance cooperation between their state media organizations.
The president will be accompanied by Foreign Minister Vijitha Herath and Transport Minister Bimal Rathnayake, reflecting the visit’s focus on diplomacy and development.
Dissanayake’s first budget, set to be presented in February, will outline measures to sustain economic recovery. It is expected to include continued high taxation policies aimed at bolstering state revenue and supporting structural reforms.
The visit underscores Sri Lanka’s reliance on international partnerships, particularly with major creditors like China, to navigate its economic challenges and build a more stable future.
07th Jan 2025
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