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Sri Lanka’s cabinet has approved increasing the minimum wage by 40%, a top official said on Tuesday, to support workers struggling with living costs as the economy slowly shakes off its worst financial crisis in decades, helped by an IMF bailout. Sri Lanka’s economy collapsed in early 2022

Chinese Prime Minister Li Qiang assured his Lankan counterpart Dinesh Gunawardena that his country would assist Sri Lanka’s debt restructuring process continuously and develop its economy. Sri Lanka has $4.2 billion bilateral debt and $ 2.9 billion in commercial debt outstanding to China