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The country has been experiencing a severe debt and foreign exchange crisis in recent months.
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After a couple of articles last week, one about the debt crisis in Sri Lanka, one about the fear that China has the ability to lend to the extent that it can create a debt trap for developing economies, it seems as though the two story intersect, with Sri Lanka asking China to restructure its debt, and making a number of other concessions in the hope that the Chinese agree.
The Sri Lankan economy is increasingly looking to China - the greatest number of tourists coming to the country pre-Covid were Chinese and the extent to which it imports from China has dramatically increased.
However, the bottom line is that a lot of the Chinese investment, particularly in the President's hometown of Hambantota, was ill thought out - on the Sri Lankan side and only now are the pigeons coming home to roost.