Kristalina Georgieva: Latest News

US pleased with India’s support to Sri Lanka, says ready to help unlock IMF assistance

COLOMBO (News 1st) – US Ambassador to Sri Lanka Julie J.

Chung said she was pleased to see India confirm strong support for Sri Lanka's prospective EFF program with the International Monetary Fund.In a tweet, the Ambassador welcomed India's stance to commit to providing financing/debt relief transparently & in coordination with the Paris Club. India has told the International Monetary Fund that it confirms its strong support for Sri Lanka's prospective EFF-supported program.According to a letter seen by News 1st from Indian authorities to IMF Chief Kristalina Georgieva, India had noted it will commit to supporting Sri Lanka with financing/ debt relief consistent with restoring Sri Lanka's public debt sustainability under the IMF -supported program and ensuring that the program is fully financed as projected by IMF staff."In this context, we commit to continuing negotiations with the Sri Lankan government along with the Paris Club on a medium-to-long term debt treatment through maturity extension and interest rate reduction or any other financial operations that would deliver similar financing/ debt relief," noted the letter.According to this letter seen by News 1st, India says that the financing/ debt relief provided by Export-Import Bank of India will be consistent with restoring debt sustainability under the IMF-supported program."We look forward to continuing cordial and in-depth discussions with the Sri Lankan authorities, IMF and the Paris Club with a view to finalizing the specifics of this financingj debt relief in the coming weeks," the letter added. However, it had noted that the Sri Lankan authorities are expected to seek equitable debt treatments from all commercial creditors and other official bilateral

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Kristalina Georgieva - India tells IMF it ‘strongly supports’ Sri Lanka’s debt restructuring plan - newsfirst.lk - China - India - Sri Lanka
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India tells IMF it ‘strongly supports’ Sri Lanka’s debt restructuring plan
COLOMBO (News 1st) – India has told the International Monetary Fund that it confirms its strong support for Sri Lanka's prospective EFF-supported program.According to a letter seen by News 1st from Indian authorities to IMF Chief Kristalina Georgieva, India had noted it will commit to supporting Sri Lanka with financing/ debt relief consistent with restoring Sri Lanka's public debt sustainability under the IMF -supported program and ensuring that the program is fully financed as projected by IMF staff."In this context, we commit to continuing negotiations with the Sri Lankan government along with the Paris Club on a medium-to-long term debt treatment through maturity extension and interest rate reduction or any other financial operations that would deliver similar financing/ debt relief," noted the letter.According to this letter seen by News 1st, India says that the financing/ debt relief provided by Export-Import Bank of India will be consistent with restoring debt sustainability under the IMF-supported program."We look forward to continuing cordial and in-depth discussions with the Sri Lankan authorities, IMF and the Paris Club with a view to finalizing the specifics of this financingj debt relief in the coming weeks," the letter added. However, it had noted that the Sri Lankan authorities are expected to seek equitable debt treatments from all commercial creditors and other official bilateral creditors, as well as adequate financing contributions from the multilateral development banks. Sri Lanka requires the backing of China and India – its biggest bilateral lenders – to reach a final agreement with the IMF on the $2.9 billion loan that is essential to help the country emerge from its worst financial crisis in seven
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
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