INSUBCONTINENT EXCLUSIVE:
Sri Lankan Prime Minister Prime Minister Ranil Wickremesinghe on Friday welcomed the G7 announcement that they will assist the country in
securing debt relief as it is grappling with its worst economic crisis.Sri Lanka is going through its worst financial crisis since it won
The country faces an acute shortage of foreign exchange that has led to an increase in prices and a shortage of vehicular fuel, cooking gas,
food, and thermal fuel for electricity production.In this challenging time, the Group of Seven (G7) nations have announced that they will
G7 announcement that they will assist Sri Lanka in securing debt relief
Friday.Meanwhile, the Government of Japan on Friday announced USD 1.5 million funding to help Sri Lanka respond to the ongoing economic
The funds will be used by the United Nations World Food Programme (WFP) to provide food assistance to children and families in need of
support.On Wednesday, Sri Lankan Prime Minister Wickremesinghe said the country had missed a payment to the Asian Development Bank, blocking
fresh funds amid warnings that the currency crisis-hit country could be locked out of multilateral funding in a new blow.Sri Lanka has
already suspended repayments for international sovereign bonds, commercial bank loans, Exim bank loans, and bilateral loans
However, multilateral lenders and senior creditors were excluded.Sri Lanka is now negotiating a loan with the IMF
The country had to pay USD 106.34 million this year but only managed to pay USD 12.4 million by April.The Prime Minister then said the
debt-ridden country could not even pay a million dollars.Source: PTI--Agencies
This article first appeared/also appeared in https://adaderana.lk
