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China & India should get involved to solve Sri Lanka’s debt issue – Japanese FM

Tokyo, Japan (Kyodo) – Japan is prepared to "do its part" over Sri Lanka's debt issue, but other creditors, such as China and India, should also be involved in efforts to resolve it, Finance Minister Shunichi Suzuki said Thursday (29).Suzuki made the remarks after meeting with Ranil Wickremesinghe, president of Sri Lanka, which has reached a preliminary agreement with the International Monetary Fund on a $2.9 billion loan as the Asian nation needs to restructure its massive debt.Suzuki said he urged Sri Lanka during Thursday's meeting to provide the necessary information, make its own efforts to get China, India and other creditors involved and boost transparency."Japan will do its part if such preconditions are met," Suzuki told reporters without elaborating in the Philippine capital Manila, where he attended a meeting of the Asian Development Bank.During his visit to Japan, the Sri Lankan president met Wednesday with Japanese Prime Minister Fumio Kishida and discussed the debt issue. The leaders recognized the importance of "fair and transparent" debt restructuring that involves all creditor nations, according to the Japanese Foreign Ministry.Sri Lanka defaulted on its debt earlier this year.

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Ranil Wickremesinghe - Fumio Kishida - Shunichi Suzuki - China & India should get involved to solve Sri Lanka’s debt issue – Japanese FM - newsfirst.lk - China - Philippines - Japan - India - Sri Lanka - city Tokyo, Japan - city Manila, Philippines
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China & India should get involved to solve Sri Lanka’s debt issue – Japanese FM
Tokyo, Japan (Kyodo) – Japan is prepared to "do its part" over Sri Lanka's debt issue, but other creditors, such as China and India, should also be involved in efforts to resolve it, Finance Minister Shunichi Suzuki said Thursday (29).Suzuki made the remarks after meeting with Ranil Wickremesinghe, president of Sri Lanka, which has reached a preliminary agreement with the International Monetary Fund on a $2.9 billion loan as the Asian nation needs to restructure its massive debt.Suzuki said he urged Sri Lanka during Thursday's meeting to provide the necessary information, make its own efforts to get China, India and other creditors involved and boost transparency."Japan will do its part if such preconditions are met," Suzuki told reporters without elaborating in the Philippine capital Manila, where he attended a meeting of the Asian Development Bank.During his visit to Japan, the Sri Lankan president met Wednesday with Japanese Prime Minister Fumio Kishida and discussed the debt issue. The leaders recognized the importance of "fair and transparent" debt restructuring that involves all creditor nations, according to the Japanese Foreign Ministry.Sri Lanka defaulted on its debt earlier this year.
Ranil Wickremesinghe - Ranil Wickramasinghe - President calls for Sri Lanka – Japan collaboration - newsfirst.lk - Japan - Sri Lanka - city Tokyo, Japan
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President calls for Sri Lanka – Japan collaboration
President Ranil Wickremesinghe engaged in a pivotal business round table on “Sri Lanka’s Economic Revival & Opportunities for Japanese Enterprise,” where he presented the nation’s commitment to stabilizing and liberalizing the economy while actively inviting new foreign ventures.The event, jointly organized by JETRO, Japan-Sri Lanka Business Co-Operation, and the Embassy of Sri Lanka in Japan, aimed to strengthen economic ties between the two nations.During the round table, President Wickremesinghe fervently outlined the ongoing efforts undertaken by Sri Lanka to restore stability and openness to its economy, presenting an inviting climate for foreign investment. With a clear vision to attract Japanese enterprise, he discussed the various measures and reforms being implemented to create a conducive business environment for potential investors.Recognizing Japan’s significance as a vital economic partner, President Wickremesinghe emphasized the mutual benefits that can be derived from increased collaboration between the two nations. Sri Lanka’s strategic location and skilled workforce were highlighted as key advantages, providing a gateway for Japanese companies to expand their operations in the region and leverage the country’s emerging economic opportunities.As Sri Lanka continues its journey toward economic revival, President Wickremesinghe’s active participation in the round table, underscores the government’s unwavering commitment to attracting foreign investment and driving sustainable economic progress.Meanwhile, President Ranil Wickramasinghe also joined a meeting with the Japan-Sri Lanka Parliamentary Friendship Association.Meanwhile, a meeting took place in Tokyo between Japan’s Minister of Digitization, Mr.
Ranil Wickremesinghe - Fumio Kishida - Japan, Sri Lanka confirm importance of transparent debt restructuring - newsfirst.lk - China - city Beijing - Japan - India - Sri Lanka - Britain - France - city Tokyo, Japan
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Japan, Sri Lanka confirm importance of transparent debt restructuring
Japanese and Sri Lankan leaders on Thursday (25) confirmed the importance of "transparent and fair" debt restructuring, apparently warning against China's alleged debt-trap diplomacy, which uses loans as leverage to gain concessions from borrower nations.The agreement came during a meeting in Tokyo between Japanese Prime Minister Fumio Kishida and Sri Lankan President Ranil Wickremesinghe, who expressed appreciation for the Asian country's role in restructuring his nation's debt.Sri Lanka defaulted on its debt in April 2022 amid the worst economic crisis since the South Asian country, with a population of 22 million, gained independence from Britain in 1948, with China emerging as the biggest bilateral creditor to the nation in recent years.Against a backdrop of Beijing's so-called debt trap diplomacy, many developing countries receiving massive loans from China, including Sri Lanka, have given up control of key infrastructure after the debt liabilities become untenable.During the three-day Group of Seven summit through Sunday in the western Japan city of Hiroshima, the leaders urged all nations to refrain from using "economic coercion" as a tool to pursue political objectives with China in mind.Wickremesinghe, meanwhile, told Kishida at the outset of their meeting, which was open to the media, that the debt-strapped country's efforts to improve its fiscal health have made "remarkable headway" on the back of support by Japan and other major democracies.Japan, France and India have launched an initiative to coordinate the restructuring of Sri Lanka's hefty loans among its creditors.
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President highlights debt sustainability, Asia’s significance at Nikkei Forum
COLOMBO (News 1st); Debt sustainability consequent to COVID-19 is the critical impasse of several Asian nations, Sri Lanka being one of the first and worst affected, said President Ranil Wickremesinghe when he took the stage at the ‘Nikkei Forum: Future of Asia’ held in Tokyo, Japan on Thursday (25).According to the full speech made public by the President's Media Division, President Wickremesinghe had noted that As a middle-income country, Sri Lanka accepted that: a) Time is of an essence in resolving the issues of debt sustainability, and b) The only option available for vulnerable middle-income countries is to seek the assistance of the IMF to ensure multilateral coordination and cooperation in debt restructuring.'Decisions were quickly taken to enter negotiations, talks began in June last year, a Staff-Level Agreement was reached in September, the IMF Executive Board approved a US $3bn loan under the Extended Fund Facility in March 2023, and Parliamentary approval was obtained in April this year. We have now started creditor meetings and hope for a successful conclusion before end of 2023," said the President."This process involves the multilateral agencies, Paris Club members, India, China and the private creditors.
Honda investing $40 billion over next decade in massive shift to electric vehicles - fox29.com - China - Japan - city Tokyo, Japan
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Honda investing $40 billion over next decade in massive shift to electric vehicles
TOKYO (AP) - Honda is investing 5 trillion yen ($40 billion) over the next decade in research, especially to realize a major shift to ecological electric vehicles, the Japanese automaker said Tuesday.The products and services in the works will account for more than half of its 8 trillion yen ($64 billion) research and development budget in that time and will be tailored for each major market, the U.S., China and Japan.Efforts in North America will focus on the collaboration with General Motors Co., under which Honda Motor Co. is jointly developing two midsize to large EV models, set for sale in 2024.By 2027, also under its alliance with GM, Honda plans to offer an affordable electric vehicle that’s competitive with gas-powered models in performance and pricing.Top automakers are accelerating electric car offerings amid pressing concerns about climate change, while also employing new kinds of fuel, such as biofuel and hydrogen-powered fuel cells.Honda will launch 30 EV models globally by 2030, targeting production of more than 2 million vehicles a year, according to the maker of the Accord sedan, Asimo robot and Gold Wing motorcycles.They will span the whole range of models, from tiny vans to muscular sportscars."We will continue to deliver the kind of fun in driving that our customers have come to expect from Honda," said Chief Executive Toshihiro Mibe.In China, where the move to electric vehicles is especially bullish, Honda is introducing 10 new EV models by 2027.Toshihiro Mibe, president and chief executive officer of Honda Motor Co., pauses during a news conference in Tokyo, Japan, on Tuesday, April 12, 2022.
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