Daily Archives: July 2, 2024


Sri Lanka to save $5bn from bilateral debt deal  

Colombo, Sri Lanka — Sri Lanka will save $5 billion following the restructure of its bilateral debt, much of which is owed to China, through slashed interest rates and longer repayment schedules, the president said Tuesday. The island nation defaulted on its foreign borrowings in 2022 during an unprecedented economic crisis that precipitated months of food, fuel and medicine shortages. President Ranil Wickremesinghe said a deal struck last week had secured a moratorium on debt payments until 2028, extending the tenure of loans by eight years and cutting interest rates to …


Alliance sets sights on minerals needed for global shift to green energy

The U.S. government’s representative to the Minerals Security Partnership, an alliance of mostly Western countries that aims to speed the development of energy mineral supply chains, said last month that a Chinese company was using “predatory” tactics to hold down the price of cobalt mined in the Democratic Republic of Congo. Henry Wilkins looks at what this means for Africa. …