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China agreed to form global sovereign debt roundtable – IMF chief

Published

12 months ago

December 17, 2022

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Chinese officials have agreed to participate in a global sovereign debt roundtable that would include a wide variety of stakeholders, including private sector creditors, International Monetary Fund chief Kristalina Georgieva said last Thursday.

Chinese officials have agreed to participate in a global sovereign debt “roundtable” that would include a wide variety of stakeholders, including private sector creditors, International Monetary Fund chief Kristalina Georgieva said on Thursday.

Georgieva told an event hosted by the IMF that she was feeling “a bit more optimistic” about the prospects for dealing with major debt issues facing low- and middle-income countries after high-level meetings with Chinese authorities last week.

The IMF chief last week she had a “fruitful exchange” with her Chinese counterparts on the need to accelerate debt relief for countries like Zambia and Sri Lanka, adding that she saw “space for a platform for more systematic engagement on debt issues, where China can play an active role.”

On Thursday, Georgieva said she had a “very constructive engagement” with Chinese leaders on the debt issue during her meetings after repeated calls for reforms to accelerate debt treatments under the Group of 20 common framework and expand it to include middle-income countries.

U.S. Treasury Secretary Janet Yellen and other Western officials have expressed mounting frustration about what they see as foot-dragging by China, now the world’s largest sovereign creditor, in providing relief under the G20 framework.

China has argued that private creditors and multilateral development banks should be required to accept debt “haircuts” to make the process fair.

Source: Reuters

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Power supply restored in 80% of affected areas – CEB

Published

4 hours ago

December 9, 2023

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The power supply in 80% of the affected areas has been restored, the Ceylon Electricity Board (CEB) reported.

Efforts to restore power in all remaining areas are also currently underway, CEB Media Spokesman Engineer Noel Priyantha said.

Earlier this evening (09 Dec.), major power outages were reported across the island due to a breakdown in the transmission line from Kotmale to Biyagama.

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6 dead, 10 injured as fire breaks out at candle factory

Published

15 hours ago

December 9, 2023

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At least six people died and 10 sustained injuries after a fire broke out at a sparkling candle manufacturing unit in the Pimpri Chinchwad area of Pune district on Friday, an official said.

The fire brigade received a call about the blaze at the factory located at Talawade around 2.45 pm, said Pimpri-Chinchwad municipal commissioner Shekhar Singh. The factory manufactured sparkling candles which are generally used for birthday celebrations, he said.

“The fire has been doused. The cause is yet to be ascertained,” Singh added.

The owner of a nearby unit alerted the fire brigade to the incident, after which a team rushed to the site, doused the blaze and sent the injured to the hospital, an official from the Pimpri Chinchwad civic body’s disaster management cell said.

The six bodies have been charred beyond recognition, while the injuries sustained by 10 persons, comprising nine women and a male who is the owner of the ill-fated unit, are serious, he said.

Maharashtra deputy chief minister Ajit Pawar expressed grief at the incident and assured a inquiry.

Source – Times of India

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Youth abducted in Matara and shot

Published

16 hours ago

December 9, 2023

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A youth, abducted from Matara by a group claiming to be police officers was shot and left behind with injuries in Habaraduwa last night (8), Police said.

The persons had arrived in a car and taken him claiming he was wanted for an investigation.

He had been shot on the leg and injured.

He is currently receiving treatment at hospital.