DHAKA: Sri Lanka’s new government will seek to borrow more than US$4 billion from the International Monetary Fund (IMF) and other international lenders as it ‘restructures’ expensive Chinese debt.

Sri Lanka finance minister Ravi Karunanayake said Thursday, reports The Straits Times.

Ravi Karunanayake said he was travelling to Washington next week for talks with the International Monetary Fund and the World Bank on securing support to boost reserves and finance investments in health and education.

‘With the new government in place, there is a lot of international goodwill,’ Karunanayake said. ‘We would love to have an enhanced programme with the IMF for balance of payments support.’

Sri Lanka was expecting to tap the IMF for about US$4 billion while additional funding was sought from the World Bank.

BDST: 1945 HRS, FEB 12, 2015