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.
In line with the “Clean Sri Lanka” programme, the government plans to upgrade the Colombo Central Bus Stand within the next year.
In line with the same initiative, 50 major bus stands nationwide are scheduled for renovation, with assistance from the Sri Lanka Air Force.
The renovation of the Colombo Central Bus Stand will include the refurbishment of key facilities such as the canteen, rest area, ticket counters, administrative unit, operations room and driver quarters.
Established in 1964, the Colombo Central Bus Stand spans 1.42 hectares and currently handles between 1,500 to 2,000 buses daily.
These details were revealed during a discussion held yesterday (June 23) at the Presidential Secretariat on the “Clean Sri Lanka” programme.
The meeting was attended by Minister of Transport, Highways, Ports and Civil Aviation Bimal Rathnayake, Secretary to the President Dr. Nandika Sanath Kumanayake, Air Vice Marshal (Retired) Sampath Thuyacontha, Secretary of Defence, Senior Officers of the Sri Lanka Air Force and other government officials. (President’s Media Division)
Oil prices fell sharply to their lowest in more than a week on Tuesday as U.S. President Donald Trump said a ceasefire has been agreed between Iran and Israel, alleviating worries of supply disruptions in the Middle East – a major oil-producing region. Brent crude futures were down $2.08, or 2.9%, at $69.40 a barrel around 0330 GMT, after earlier tumbling more than 4% and touching its lowest level since June 11.
U.S. West Texas Intermediate crude declined $2.03, or 3.0%, to $66.48 per barrel, having dived 6% to its weakest level since June 9 earlier in the session.
Mr. Volker Türk, United Nations High Commissioner for Human Rights, held a meeting with Prime Minister Dr. Harini Amarasuriya, at the Prime Minister’s Office on 23 June.
Prime Minister Harini Amarasuriya welcomed the High Commissioner and reaffirmed the Government’s commitment to working constructively with the Office of the High Commissioner for Human Rights (OHCHR). She noted that the recent political transition marks a significant shift in Sri Lanka’s political culture, rooted in a historic mandate received from all communities.
The Prime Minister outlined the Government’s focus on three key pillars: alleviating rural poverty, advancing digitalization, and pursuing legal and political reforms alongside the necessary social transformation and institutional changes. She reiterated the Government’s commitment to protecting and promoting the full spectrum of human rights, including social, educational, health, and economic rights, and emphasized that reconciliation remains a priority, supported by strengthening domestic mechanisms such as the Office for Missing Persons (OMP), the Office for Reparations (OR), and the Office for National Unity and Reconciliation (ONUR).
High Commissioner Volker Türk expressed appreciation for Sri Lanka’s continued engagement and reaffirmed the importance of collaboration in advancing human rights, democratic governance, and national reconciliation.
The meeting was attended by Mr. Marc-André Franche, United Nations Resident Coordinator in Sri Lanka, and other officials from the United Nations. The Sri Lankan delegation included Mr. Pradeep Saputhanthri, Secretary to the Prime Minister; Ms. Aruni Ranaraja, Secretary, Ministry of Foreign Affairs, Foreign Employment & Tourism; and senior officials from the Prime Minister’s Office and the Ministry of Foreign Affairs.