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Kristalina Georgieva - David Malpass - 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
Winter Olympic - China remains the most sincere and reliable friend of Sri Lanka – Ambassador - newsfirst.lk - China - city Beijing - Taiwan - Sri Lanka
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China remains the most sincere and reliable friend of Sri Lanka – Ambassador
COLOMBO (News 1st) – China is a most sincere and reliable friend of Sri Lanka, notes the Ambassador Qi Zhenhong in a statement released by the Embassy in commemoration of the 73rd anniversary of the founding of the People’s Republic of China.The Ambassador also visited several key Chinese enterprises and projects in Sri Lanka to meet with the local and the Chinese staff to pass wishes for the National Day holiday in China.The full statement of the Chinese Embassy is as follows:On the 73rd anniversary of the founding of the People’s Republic of China, and with the approaching of the 20th National Congress of the Communist Party of China, I would like to wish the country prosperity and progress, our people health and happiness, and best regards to all the Chinese fellow citizens working, studying and living in Sri Lanka! I would also like to extend my heartfelt thanks to our Sri Lankan friends from all walks of life, who have always been following and supporting the development of China and China-Sri Lanka relations!In the past year, the world has gone through tremendous changes. Under the strong leadership of CPC Central Committee with Comrade Xi Jinping as the core, we have overcome adverse effects brought by complexed international challenges,sporadic outbreaks of COVID-19 pandemic and unpredictable earthquakes, floods and droughts, and China’s economy has maintained a stabilized and increasing momentum with much potential to be released.
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