Chinese ambassador to Sri Lanka Qi Zhenhong told reporters the two sides were also discussing a separate loan of up to $1 billion which the Sri Lankan government had requested.
The country is also struggling to make payments for imports of essentials such as fuel and medicines and enforcing nationwide power cuts due to a lack of fuel for power generation. China is Sri Lanka's fourth biggest lender, behind international financial markets, the Asian Development Bank and Japan.
President Gotabaya Rajapaksa asked China to help restructure debt repayments when he met Chinese Foreign Minister Wang Yi in January, but China is yet to respond to the request.Repayments to China are estimated at about $400-$500 million, a finance ministry source told Reuters.
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