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Paris Club to give Sri Lanka financing assurances amid IMF debt talks

(Reuters) – The Paris Club of creditor nations is ready to provide financing assurances to Sri Lanka, a key step needed to unlock a $2.9 billion bailout by the International Monetary Fund (IMF), two sources with direct knowledge of the matter told Reuters.The informal group of bilateral lenders is set to "soon" announce its support to the crisis-hit nation on a debt overhaul, said one of the people, who asked not to be named because talks are private.The Asian island nation, which is grappling with soaring inflation, a recession and currency depreciation, entered into a staff level agreement with the IMF last September.But it needs financing assurances from key bilateral lenders before the fund's executive board approves the programme.Sri Lanka's public debt stood at 122% of GDP, of which 70% is denominated in foreign currency, according to data in a country presentation to investors in November.China and India, both non-Paris Club members, are the top bilateral lenders. "Paris Club assurance is not reliant on China," said the source.Another source said the informal group is currently reaching out to other non-Paris Club besides China on financing assurances, but did not provide any further details.India previously committed to help ease the debt burden of neighbour Sri Lanka as part of the IMF programme, and China's Eximbank offered a two-year moratorium in a letter sent to the island nation in January.While the IMF has not yet provided any guidance on where the lender stands regarding China's assurances to Sri Lanka, a U.S.

official visiting Colombo said on Wednesday that Beijing has not done enough."What China has offered so far is not enough. We need to see credible and specific assurances that they will meet the IMF

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Paris Club to give Sri Lanka financing assurances amid IMF debt talks - newsfirst.lk - China - city Beijing - India - Sri Lanka
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Paris Club to give Sri Lanka financing assurances amid IMF debt talks
(Reuters) – The Paris Club of creditor nations is ready to provide financing assurances to Sri Lanka, a key step needed to unlock a $2.9 billion bailout by the International Monetary Fund (IMF), two sources with direct knowledge of the matter told Reuters.The informal group of bilateral lenders is set to "soon" announce its support to the crisis-hit nation on a debt overhaul, said one of the people, who asked not to be named because talks are private.The Asian island nation, which is grappling with soaring inflation, a recession and currency depreciation, entered into a staff level agreement with the IMF last September.But it needs financing assurances from key bilateral lenders before the fund's executive board approves the programme.Sri Lanka's public debt stood at 122% of GDP, of which 70% is denominated in foreign currency, according to data in a country presentation to investors in November.China and India, both non-Paris Club members, are the top bilateral lenders. "Paris Club assurance is not reliant on China," said the source.Another source said the informal group is currently reaching out to other non-Paris Club besides China on financing assurances, but did not provide any further details.India previously committed to help ease the debt burden of neighbour Sri Lanka as part of the IMF programme, and China's Eximbank offered a two-year moratorium in a letter sent to the island nation in January.While the IMF has not yet provided any guidance on where the lender stands regarding China's assurances to Sri Lanka, a U.S.
Xi Jinping - Kim Jong Un - Iran, Saudi Arabia to resume diplomatic relations with China's help - fox29.com - China - Iran - city Beijing - Usa - Saudi Arabia - North Korea - Yemen - county Gulf
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Iran, Saudi Arabia to resume diplomatic relations with China's help
China lowers the chance of armed conflict between the Mideast rivals — both directly and in proxy conflicts around the region.The deal, struck in Beijing this week amid its ceremonial National People’s Congress, represents a major diplomatic victory for the Chinese as Gulf Arab states perceive the United States slowly withdrawing from the wider Middle East. It also comes as diplomats have been trying to end a long war in Yemen, a conflict in which both Iran and Saudi Arabia are deeply entrenched.The two countries released a joint communique on the deal with China, which brokered the agreement as President Xi Jinping was awarded a third five-year term as leader earlier Friday.Xi, whose administration in recent days has relaunched a campaign to challenge the U.S.-led Western liberal order with warnings of "conflict and confrontation," was credited in a trilateral statement with facilitating the talks through a "noble initiative" and having personally agreed to sponsor the negotiations that lasted from Monday through Friday.READ MORE: Sister of Kim Jong Un warns North Korea ready to act against US, SouthVideos showed Ali Shamkhani, the secretary of Iran’s Supreme National Security Council, meeting with Saudi national security adviser Musaad bin Mohammed al-Aiban and Wang Yi, China's most senior diplomat.The statement calls for reestablishing ties and reopening embassies to happen "within a maximum period of two months." A meeting by their foreign ministers is also planned.In the video, Wang could be heard offering "wholehearted congratulations" on the two countries' "wisdom.""Both sides have displayed sincerity," he said.
Kristalina Georgieva - IMF’s Georgieva to press for quicker action on debt relief with China - newsfirst.lk - China - city Beijing
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IMF’s Georgieva to press for quicker action on debt relief with China
(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
Is Sri Lanka on track to access funds from the IMF? - newsfirst.lk - China - city Beijing - Japan - India - Sri Lanka - Washington
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Is Sri Lanka on track to access funds from the IMF?
Sri Lanka, which is under an ongoing economic crisis, is headed for another major turbulence as the country will not be able to secure the much-needed IMF loan in December as its ally and debtor China is yet to initiate a dialogue on debt restructuring with Colombo.A report in the Hindustan Times quoting financial analysts based in Washington said that Sri Lanka will miss the IMF deadline and will have to wait till March next year to secure a loan of $2.9 billion, as Beijing was involved in the 20th National Party Congress.The next meeting of the IMF executive board is in March 2023, Sri Lanka will most likely have to wait until then for IMF Board approval, and access to the funds.Why is China's involvement so important to access IMF funds?Sri Lanka is now considered a country that defaulted on its external debt because the island nation lacked foreign reserves for debt servicing.According to the Central Bank of Sri Lanka and the Finance Ministry, Sri Lanka's total debt was $36 billion at the end of 2021.Of this total debt, Colombo owes some 52% in bilateral credit to China, 19.5% to Japan, and 12% to India.One of the main conditions for Sri Lanka to tap the USD 2.9 Billion funding from the International Monetary Fund is debt reconciliation and restructuring.Bilateral means transactions between two countries, and there is an institution that operates with the support of the International Monetary Fund to talk about bilateral debt, and this is called the Paris Club.Sri Lanka has obtained a large number of loans from Japan, India, and China, and among them, only Japan is a member of the Paris Club.India is openly supporting Sri Lanka's engagement with the IMF, and avenues are open for Sri Lanka to discuss debt
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