The G20 Finance Ministers and Central Bank Governors who met in Bengaluru, India from February 24-25, 2023 said that they look forward to a swift resolution to Sri Lanka’s debt situation.
India’s Minister of Finance Nirmala Sitharaman, reading the Chair Summary and Outcome Document of the G20 Finance Ministers and Central Bank Governors (FMCBG) meeting, said that they recognize the urgency to address debt vulnerabilities in low and middle-income countries.
“Strengthening multilateral coordination by official bilateral and private creditors is needed to address the deteriorating debt situation and facilitate coordinated debt treatment for debt-distressed countries. We stand by all the commitments made in the ‘‘Common Framework for Debt Treatments beyond the DSSI’’, including those in second and final paragraphs, as agreed on November 13, 2020 and step up the implementation of the Common Framework in a predictable, timely, orderly and coordinated manner,” the document said.
G20 also welcomed the conclusion of debt treatment for Chad and called for a swift conclusion of the work on debt treatment for Zambia and Ethiopia.
“Further, we look forward to a swift resolution to Sri Lanka’s debt situation. We task the International Financial Architecture Working Group to develop a G20 Note on the Global Debt Landscape in a fair and comprehensive manner,” G20 said.
G20 also welcomed joint efforts by all stakeholders, including private creditors, to continue working towards enhancing debt transparency and look forward to the results of the voluntary stocktaking exercise of data sharing with IFIs. (Colombo Gazette)
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