{"id":79488,"date":"2022-09-11T00:45:28","date_gmt":"2022-09-11T04:45:28","guid":{"rendered":"http:\/\/dbsjeyaraj.com\/dbsj\/?p=79488"},"modified":"2022-09-11T20:46:38","modified_gmt":"2022-09-12T00:46:38","slug":"the-united-states-stands-ready-to-participate-in-the-restructuring-of-sri-lankas-debt-it-is-imperative-that-all-of-sri-lankas-creditors-most-notably-the-peoples-r","status":"publish","type":"post","link":"https:\/\/dbsjeyaraj.com\/dbsj\/?p=79488","title":{"rendered":"\u201cThe United States stands ready to participate in the restructuring of Sri Lanka\u2019s debt. It is imperative that all of Sri Lanka\u2019s creditors, most notably the People\u2019s Republic of China cooperate in this process openly and on comparable terms with each other.\u201d Says Samantha Power, Administrator of the United States Agency for International Development (USAID"},"content":{"rendered":"


\nBy<\/p>\n

Meera Srinivasan<\/strong><\/p>\n

China must cooperate with Sri Lanka in its debt restructure process, Samantha Power, Administrator of the United States Agency for International Development (USAID) said on Sunday, while assuring Colombo of the U.S.\u2019s support.<\/p>\n

Sri Lanka, which opted for a preemptive sovereign default in April amid a rapid downturn, must negotiate with its diverse creditors \u2014 International Sovereign Bond holders, multilateral agencies, bilateral creditors such as China, Japan, and India \u2014 and restructure its outstanding debt to them, in order to qualify for a $2.9 billion-package from the International Monetary Fund (IMF).<\/p>\n

Addressing a media conference at the end of her two-day visit, Ms. Power said: \u201cThe United States as a creditor, and as a member of the Paris Club, stands ready to participate in the restructuring of Sri Lanka\u2019s debt. It is imperative that all of Sri Lanka\u2019s creditors, most notably the People\u2019s Republic of China cooperate in this process openly and on comparable terms with each other.\u201d<\/p>\n

<\/p>\n

The observation appeared in line with her remarks in New Delhi in July, that \u201copaque\u201d Chinese loans financing \u201cheadline-grabbing\u201d infrastructure projects in Sri Lanka had contributed to the island nation\u2019s crisis. It also echoed India\u2019s statement after Sri Lanka reached a staff-level agreement with the IMF that \u201ccreditor equitability and transparency are important\u201d. Creditors, she said, had the chance to make \u201ca very positive difference and relieve Sri Lanka of some of its acute debt distress.\u201d <\/p>\n

During Ms. Power\u2019s visit the USAID pledged $ 60 million towards fertilizers for farmers and emergency humanitarian assistance. <\/p>\n

Political reform<\/strong><\/p>\n

Further, Ms. Power said her delegation underscored to the Sri Lankan leadership that political reform and accountability must go \u201chand in hand\u201d with economic recovery. \u201cWhat we stressed is, given the demands and the aspirations of the Sri Lankan people, the importance of being transparent about that roadmap about those intentions, and making sure that the political reform is not somehow portrayed, as it is by some, [as being] in tension with economic stability.\u201d<\/p>\n

President Wickremesinghe\u2019s office, in a statement following the meeting, said he outlined the government\u2019s plans to enact a legislation aimed at clipping the Executive\u2019s powers, a new legislation against terrorism, and electoral reforms.
\nOn the U.S.\u2019s engagement at the UN Human Rights Council, where a resolution on Sri Lanka is expected soon, Ms. Power said it was \u201cvery clear on the ground\u201d that the aspirations of those who survived the long civil war, seeking justice, and to secure \u201cbasic facts and basic truth\u201d about missing persons remain, despite \u201cmultiple attempts\u201d and processes to generate progress. \u201cSo it is in that spirit that the United States engages as part of the core group [on Sri Lanka] in Geneva,\u201d said Ms. Power, who has earlier served as the U.S. Ambassador to the UN.<\/p>\n

\u201cAs somebody who has travelled and met with survivors of the violence and seen as so many mothers still carrying the photos of their children who have gone missing, I would say that any step that can be made to offer solace to families who have endured, the kind of violence and suffering that that has occurred in this country, is important for us all to stand behind, \u201c she said.<\/p>\n

Courtesy:The Hindu<\/em><\/p>\n

Tweet<\/a><\/div>","protected":false},"excerpt":{"rendered":"

By Meera Srinivasan China must cooperate with Sri Lanka in its debt restructure process, Samantha Power, Administrator of the United States Agency for International Development (USAID) said on Sunday, while assuring Colombo of the U.S.\u2019s support. Sri Lanka, which opted for a preemptive sovereign default in April amid a rapid downturn, must negotiate with its …<\/p>\n

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