{"id":125502,"date":"2022-05-19T16:44:03","date_gmt":"2022-05-19T23:44:03","guid":{"rendered":"https:\/\/www.lankaweb.com\/news\/items\/?p=125502"},"modified":"2022-05-19T16:44:26","modified_gmt":"2022-05-19T23:44:26","slug":"g-7-backs-debt-relief-efforts-for-sri-lanka-draft-communique-shows","status":"publish","type":"post","link":"https:\/\/www.lankaweb.com\/news\/items\/2022\/05\/19\/g-7-backs-debt-relief-efforts-for-sri-lanka-draft-communique-shows\/","title":{"rendered":"G-7 backs debt relief efforts for Sri Lanka, draft communique shows."},"content":{"rendered":"<h2><span style=\"color: #0000ff;\"><em>Courtesy The Straits Times<\/em><\/span><\/h2>\n\n\n<p>KOENIGSWINTER, GERMANY (REUTERS) &#8211; The Group of Seven economic powers support efforts to provide debt relief for Sri Lanka, G-7 finance chiefs said on Thursday (May 19) in a draft communique from a meeting in Germany after<a href=\"https:\/\/www.straitstimes.com\/asia\/south-asia\/sri-lanka-enters-default-and-warns-inflation-may-surge-to-40\" rel=\"noreferrer noopener\" target=\"_blank\">&nbsp;the country defaulted on its sovereign debt.<\/a><\/p>\n\n\n\n<p>The once-booming island country has suspended debt payments as it grapples with its&nbsp;<a href=\"https:\/\/www.straitstimes.com\/asia\/south-asia\/cash-strapped-sri-lanka-out-of-petrol-says-pm-wickremesinghe\" rel=\"noreferrer noopener\" target=\"_blank\">worst economic crisis since it won independence<\/a>&nbsp;in 1948, facing shortages of essential goods that have triggered social unrest.<\/p>\n\n\n\n<p>G-7 countries said in their statement they were committed to finding long-term solutions for the Indian Ocean nation and urged it to &#8220;negotiate constructively&#8221; with the International Monetary Fund on a potential loan programme.<\/p>\n\n\n\n<p>&#8220;The G-7 stands ready to support the Paris Club&#8217;s efforts, in line with its principles, to address the need for a debt treatment for Sri Lanka,&#8221; they said, referring to the group of mostly rich creditor nations.<\/p>\n\n\n\n<p>The draft statement, which is to be finalised before the end the G-7 finance ministers&#8217; meeting on Friday, also called on other big creditor nations not in the Paris Club to coordinate with the group and urged them to provide debt relief on comparable terms.<\/p>\n\n\n\n<p>G-7 finance chiefs also singled out China, which has become a major creditor to low-income countries, to actively contribute to debt relief for such countries.<\/p>\n\n\n\n<p>Chad, Ethiopia and Zambia have so far sought debt relief under a new G-20 common framework, but progress has so far been slow with some officials accusing China of dragging its feet.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Courtesy The Straits Times KOENIGSWINTER, GERMANY (REUTERS) &#8211; The Group of Seven economic powers support efforts to provide debt relief for Sri Lanka, G-7 finance chiefs said on Thursday (May 19) in a draft communique from a meeting in Germany after&nbsp;the country defaulted on its sovereign debt. The once-booming island country has suspended debt payments [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"footnotes":""},"categories":[102,6],"tags":[],"class_list":["post-125502","post","type-post","status-publish","format-standard","hentry","category-economy","category-politics"],"_links":{"self":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/125502","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/comments?post=125502"}],"version-history":[{"count":0,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/125502\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/media?parent=125502"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/categories?post=125502"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/tags?post=125502"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}