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74 China Int'l Stud. 138 (2019)
Rethinking the External Debt Issue of Sri Lanka: Causes and Implications

handle is hein.journals/chintersd74 and id is 138 raw text is: Rethinking the External Debt Issue of Sri Lanka: Causes and Implications Ning Shengnan S ri Lanka is a small but important country on the 21st Century Maritime Silk Road. Ever since the end of civil war in 2009, the Sri Lankan economy has achieved remarkable growth. However, the debt problem, especially the external debt issue, keeps on perplexing this Pearl of the Indian Ocean. Chinese investment in Sri Lanka is regarded by some as the root cause of this problem. To some extent, this issue has cast negative influence on the Sino-Sri Lankan relations. Therefore, it is vitally important to identify and analyze the real sources of Sri Lanka's external borrowings. Moreover, assessing the implications of this issue on China-Sri Lanka relations is conducive to strengthening bilateral friendship and deepening the economic ties, thus facilitating the advance of the Belt and Road Initiative. Situation of Sri Lanka's External Debt According to definition by the International Monetary Fund (IMF), a country's external debt refers to the outstanding amount of those actual current, and not contingent, liabilities that require payment(s) of principal and/or interest by the debtor at some point(s) in the future and that are owed to nonresidents by residents of an economy.' The volume and structure Ning Shengnan is Assistant Research Fellow at the Department for Developing Countries Studies, China Institute of International Studies (CIIS). 1 IMF, External Debt Statistics: Guide for Compilers and Users, 2014, p.5. Retinking the External Debt Issue of Sri Lanka: Causes and Implications 13 8 China International Studies

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