The G7 Finance Chiefs say the Group of Seven economic powers will support efforts to provide debt relief for Sri Lanka.
In a draft communique from a meeting in Germany, the G7 countries said they were committed to finding long-term solutions for Sri Lanka and urged to “negotiate constructively” with the International Monetary Fund on a potential loan programme.
They said, “The G7 stands ready to support the Paris Club’s efforts, in line with its principles, to address the need for a debt treatment for Sri Lanka”.
The draft statement, which is to be finalised before the end of the G7 Finance Ministers’ meeting today, also called on other big creditor nations not in the Paris Club to coordinate with the group and urged them to provide debt relief on comparable terms.
G7 Finance Chiefs also singled out China, which has become a major creditor to low-income countries, to actively contribute to debt relief for such countries.
I welcome the G7 announcement that they will assist Sri Lanka in securing debt relief. The continued engagement by the international community with Sri Lanka is key to overcoming the economic crisis. #SriLanka
— Ranil Wickremesinghe (@RW_UNP) May 20, 2022