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China participating in Sri Lanka’s debt restructuring is a hopeful sign – US Treasury Secretary

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China participating in debt restructuring for Sri Lanka is a hopeful sign, said US Treasury Secretary Janet Yellen.

She told the AFP that “We have seen some movement by China on participating in debt restructuring for Sri Lanka, which is a hopeful sign”.

As global growth slows, the World Bank previously warned that the outlook is especially tough for the poorest economies — which face sluggish growth driven by heavy debt burdens and weak investment.

Yellen had earlier said that China should move more quickly on some debt restructurings.

Discussions on this front will continue next week as a newly formed global sovereign debt roundtable gathers, she told AFP.

“We’re having useful technical discussions on important elements of debt restructuring. China has been participating, and we all continue to press China for improvements,” she said.

Washington will continue pushing for a speedier and more predictable operation of the G20 “common framework” for debt restructuring as well.

The World Bank’s ongoing reform could result in a $50 billion lending boost over the next decade, US Treasury Secretary Janet Yellen told AFP ahead of stakeholders’ meetings next week where key changes are expected to be announced.

Central bankers, finance ministers and participants from more than 180 member countries are expected to gather in the US capital for the International Monetary Fund and World Bank’s spring meetings in the coming week.

A key topic of discussion will be the World Bank’s evolution, amid a push for lenders to revamp and meet global challenges like climate change. The United States is the largest shareholder of the World Bank Group.

(newsfirst)

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Former Minister Ronnie de Mel no more

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Former Minister – Ronnie de Mel has passed away today (27) while being treated at a private hospital, reports say.

He was aged 99 years old.A former civil servant, he was the Minister of Finance from 1977 – 1988 under the United National Party government and holds the record for the largest number of budgets presented by a finance minister.

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NPP to also back NCM against Speaker

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The National People’s Party (NPP) has also decided to back the No Confidence Motion against Parliament Speaker Mahinda Yapa Abeywardena.

Opposition Leader Sajith Premadasa, Parliamentarian M.A. Sumanthiran, Chief Opposition Whip Lakshman Kieirella, Professor G. L. Peiris, Tissa Attanayake, Chandima Weerakkody, Shan Wijayalal de Silva, and others have signed the motion on behalf of the Samagi Jana Balawegaya and Samagi Jana Alliance.

Meanwhile, Dullas Alahapperuma, the leader of the Freedom People’s Congress has also said that they would back the NCM.

Yesterday (26), the Uttara Lanka Sabhagaya had stated they would back the motion as well. 

The motion cites several reasons, including the Speaker’s failure to appropriately present the amendments proposed by the Supreme Court for the Online Safety Bill before its passage. 

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Muthukumarana to take up Uddika Premarathne’s MP seat

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S.C. Muthukumarana is set to be named to the Parliamentary seat  left vacant after the resignation of Anuradhapura District MP – Uddika Premarathne.

It is reported that the Secretary General of Parliament – Mrs. Kushani Rohanadheera has informed of this to the Election Commission, in accordance with Section 64(1) of the Parliamentary Elections Act No. 1 of 1981.

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Uddika Premarathne resigns as MP

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