US to back Sri Lanka’s debt restructuring efforts

US to back Sri Lanka’s debt restructuring efforts

The United States has said that as a creditor country it will back restructuring Sri Lanka’s debt, the President’s Media Division said today.

US Treasury Secretary Janet Yellen noted critical need for full cooperation of all official creditors in debt negotiations and restructuring through timely participation and equal burden sharing.

These observations were conveyed by the US Treasury Secretary in a communication addressed to President Ranil Wickremesinghe.

The US Treasury welcomed President Ranil Wickremesinghe’s proposal for a Coordination Platform for Sri Lanka’s official bilateral creditors, and has urged engagement in this regard.

Sharing the common goal with Sri Lanka of expediting financing assurances, the US has expressed readiness to join other Paris Club members in this process, in keeping with its principles.

Further the US Treasury has pledged to continue to engage with their other government agencies, as well as the World Bank and Asian Development Bank, to assist the people of Sri Lanka.

The US has supported the people of Sri Lanka inter alia through the provision of school nutrition for children, food vouchers for pregnant women and new mothers, and fertilizer and cash transfers for small and medium scale farmers to increase food production.

The US Department of Treasury has welcomed the Sri Lankan government’s decision, to seek IMF assistance through an Extended Fund Facility (EFF), and thereby the recently concluded staff level agreement. (Colombo Gazette)

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