Kristalina Georgieva China city Beijing covid-19 crisis Action Kristalina Georgieva China city Beijing

IMF’s Georgieva to press for quicker action on debt relief with China

Reading now: 682
www.newsfirst.lk

(Reuters) – International Monetary Fund Managing Director Kristalina Georgieva said on Thursday that she will travel to Beijing next week with heads of other international institutions to press for quicker action on debt relief for poor and developing countries.The meetings with the country's leadership will focus on China's economic, COVID-19 and debt relief policies and will include officials from China Development Bank and the Export-Import Bank of China, the IMF said."This is the first time, hopefully, we will be able to sit together and discuss the very pressing issues that China, and the world are faced with," Georgieva told the Reuters NEXT conference.Georgieva said that during the Beijing meetings she intends to discuss ways to accelerate China's participation in debt relief for poor and developing countries as the world's largest official bilateral creditor."I am very hopeful that when we have a chance next week to discuss these issues, we will continue on a path of finding better solutions and strengthening the capacity of the common framework to deliver," she said, referring to G20 countries' slow-to-launch common debt restructuring framework.World Bank President David Malpass told the conference that he would join the discussions in Beijing, along with officials from the World Trade Organization, Organization for Economic Cooperation and Development and others.Georgieva and Malpass have both called for reforms of the common framework to offer heavily indebted countries a freeze in debt service payments when they apply for debt relief and clearer timelines for reaching agreement on debt treatments.Asked if China's slowing growth would limit its appetite for agreeing to debt reductions, Georgieva said she hoped.

Read more on newsfirst.lk
The website covid-19.rehab is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News

‘No Coal – No Power’ : Coal shipment delayed to early January 2023 - newsfirst.lk - Sri Lanka - Mozambique
newsfirst.lk
51%
213
‘No Coal – No Power’ : Coal shipment delayed to early January 2023
COLOMBO (News 1st) –  Multiple factions allege that motives to commit fraud are linked to the state's delay in procuring coal on time for the continuous operation of the Norochcholai Coal Power Plant, which is the main power plant in the entire country.A coal shipment is expected to reach Sri Lanka on the 5th of January 2023, and according to marine traffic data the bulk carrier with coal had left a port in Mozambique on Sunday (25) bound to Sri Lanka.What is the Coal Crisis & why is coal so important to us?The coal shipment bound to Sri Lanka from Mozambique will determine if the Norocohcholai Coal Power will continue to operate, as it generates a lions share of the electricity demand in the country.A shortage of coal will eventually lead to a complete shutdown of the power plant.The bulk carrier Darya Rama carrying a shipment of coal had left the Port of Maputo in Mozambique at 7:40 AM on Sunday (25), and it expected to lay anchor off the coast of Puttlam at around 4:00 PM on the 5th of January 2023.The vessel was originally scheduled to dock in Sri Lankan on Wednesday, however certain delays had pushed back its arrival date to somewhere between the 3rd and 5th of January 2023.The Chairman of Lanka Coal Company (Private) Limited on the 22nd of December 2022 said that when this shipment reaches Sri Lanka, the existing stocks of coal would have already been exhausted.How much of coal does the Norochcholai Coal Power Plant need to operate on any given day?The Norochcholai Power Plant has three generators, and each of these generators will require 2,500 MT of coal.
DMCA