INSUBCONTINENT EXCLUSIVE:
28, said foreign ministry spokesman Kapila Fonseka.The vessel had been expected to conduct research with Sri Lankan state institutions, but
voyage in the eastern area of the Indian Ocean.Organized by the South China Sea Institute of Oceanology under the Chinese Academy of
Sciences, the vessel is scheduled to operate at sea for 80 days, covering a range of more than 12,000 nautical miles (roughly 22,200
shipping routes in what India considers part of its strategic backyard.Beijing was once widely seen as having an upper hand with its
free-flowing loans and infrastructure investments
assistance.Two weeks ago, Sri Lanka reached an agreement with Export-Import Bank of China on key terms and principles for restructuring its
debt, an important step toward unlocking a second installment of a $2.9 billion package from the International Monetary Fund aimed at
helping the island nation from its dire economic crisis.Sri Lanka declared bankruptcy in April 2022 with more than $83 billion in debt, more
than half to foreign creditors
the past decade for infrastructure projects including a seaport, airport and a city being built on reclaimed land
The projects failed to earn enough revenue to pay for the loans, and in 2017, Sri Lanka leased the seaport in Hambantota to China.Last year,
Chinese navy vessel Yuan Wang 5 docked at Hambantota in southern Sri Lanka
There were fears in India that the vessel could be used to surveil the region.Source: Associated Press
-Agencies
