COLOMBO, Jan 7, 2025 (BSS/AFP) - Sri Lanka's president will travel to the 
island's largest bilateral lender China next week ahead of his first national 
budget, the information minister said Tuesday.

The visit comes a month ahead of President Anura Kumara Dissanayake's first 
budget, which is expected to outline his plans to sustain the country's 
painful recovery from its worst economic meltdown in 2022.

Dissanayake will begin a three-day visit on January 14, said Nalinda 
Jayatissa.

It will be his second foreign trip -- after visiting regional powerhouse 
India last month -- since being elected in September.

China accounted for more than half of Sri Lanka's $14 billion debt borrowed 
from other governments at the time the island defaulted on its sovereign debt 
in 2022 when Colombo ran out of foreign exchange to pay for essential imports 
such as food, fuel and medicines.

Leftist Dissanayake has already endorsed a $2.9 billion, four-year IMF 
bailout loan program negotiated by his predecessor in 2023, and plans to 
maintain high taxation to shore up state revenue.

After much delay, the Sri Lankan government concluded a restructuring of both 
bilateral loans and international sovereign bonds last month, ending its 
bankrupt status.

Official sources said Sri Lanka was likely to seek more financial assistance 
from China.

The two countries are also due to sign several agreements, including closer 
cooperation between state media organisations.

Dissanayake will be accompanied by Foreign Minister Vijitha Herath and 
Transport Minister Bimal Rathnayake.