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Chinese Foreign Minister Wang Yi poses for a photograph with Sri Lanka's Prime Minister Mahinda Rajapaksa during their bilateral meeting in Colombo, Sri Lanka, January 9,2022.

REUTERS/Dinuka Liyanawatte

The looming pandemic debt cliff

Right on the buzzer, Sri Lanka on Tuesday narrowly avoided its first-ever sovereign debt default. But the cash-strapped country is still on the hook for a lot more cash this year, which is shaping up to be a very painful one for low-income countries deep in the red due to COVID.

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