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* Sri Lanka PM welcomes G7 assistance in debt relief
Fri, May 20, 2022, 07:26 pm SL Time, ColomboPage News Desk, Sri Lanka.

May 20, Colombo: Sri Lanka’s Prime Minister Ranil Wickremesinghe on Friday welcomed the G7 announcement that they will assist the country in securing debt relief as it is grappling with its worst economic crisis since it won independence in 1948.

The Group of Seven economic powers support debt relief efforts for Sri Lanka, G7 finance chiefs said on Thursday in a draft communique from a meeting in Germany after the country defaulted on its sovereign debt.

“I welcome the G7 announcement that they will assist Sri Lanka in securing debt relief. The continued engagement by the international community with Sri Lanka is key to overcoming the economic crisis,” Prime Minister Wickremesinghe said.

G7 countries said in their statement they were committed to finding long-term solutions for the Indian Ocean nation and urged it to “negotiate constructively” with the International Monetary Fund on a potential loan program.

“The G7 stands ready to support the Paris Club’s efforts, in line with its principles, to address the need for a debt treatment for Sri Lanka,” they said, referring to the group of mostly rich creditor nations.

The country faces an acute shortage of foreign exchange that has led to an increase in prices and a shortage of vehicular fuel, cooking gas, food, and thermal fuel for electricity production.

 

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