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IMF chief Georgieva cites ‘fruitful exchange’ with China on debt issues

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International Monetary Fund Chief Kristlina Georgieva says she had a “fruitful exchange” with her Chinese counterparts on accelerating debt treatments for countries like Zambia and Sri Lanka.

Georgieva, World Bank President David Malpass and other financial leaders met in person in China’s Anhui province this week with officials from the People’s Bank of China, China’s finance ministry and its EXIM Bank and China Development Bank.

Georgieva said the discussions touched on the common framework for debt treatment set up in late 2020 by China, the United State and other Group of 20 major economies, as well as some specific cases of countries seeking debt relief.

Implementation of the common framework process has been halting, with only one country, Chad, having completed the debt treatment process, and its agreement not resulting in any actual reductions of the country’s debt.

Zambia is pushing hard to finish its debt restructuring in the first quarter of 2023.

“We need to build on the momentum of the agreement on Chad’s debt treatment and accelerate and finalize the debt treatments for Zambia and Sri Lanka, which would allow for disbursements from the IMF and multilateral development banks,” Georgieva said in a statement.

Georgieva said other countries also faced mounting debt distress given tightening global financial conditions.

“We talked about how we can prevent individual cases of debt distress from triggering a global debt crisis,” she said, calling again for quicker, more predictable progress on debt treatments and expansion of the framework to more countries.

Malpass, in his remarks at the meeting, said the discussions focused on the urgent need for more rapid progress on debt issues, adding, “Changes in China’s positions are critical in this effort.”

He welcomed support voiced by Premier Li Keqiang for a “systematic engagement on debt” during the meetings, and underscored the need for transparent disclosure of China’s loan contracts, and removal of non-disclosure and non-restructuring clauses and hidden collateral and escrow arrangements.

“Greater transparency will help investors make informed decisions, build trust, and accelerate the debt reconciliation and restructuring processes,” he said.

Georgieva said she saw “space for a platform for more systematic engagement on debt issues, where China can play an active role,” but gave no further details.

Source: Reuters

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GoSL strongly rejects genocide claims & protests against monument in Canada

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Sri Lanka’s Foreign Minister Vijitha Herath today (May 14) met with the Canadian High Commissioner in Colomno to formally object to Canada’s approval and inauguration of a Tamil Genocide Monument in Brampton, Ontario.

Minister Herath had reiterated the Government of Sri Lanka’s strong objections regarding the unfounded genocide allegations and the approval of constructing such a monument, which complicates and undermines the government’s efforts toward reconciliation and national unity.The MFA statement issued in this regard is as follows : 

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Harak Kata levels bribery allegations against Tiran & Deshabandu

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Notorious underworld figure – Nadun Chinthaka Wickremeratne, alias Harak Kata, has claimed that he is being detained in Tangalle over his refusal to pay a Rs. 300 million bribe allegedly demanded by former Public Security Minister – Tiran Alles and suspended IGP Deshabandu Tennakoon.
He levelled the allegations before reporters today (May 14) while he was being escorted by police from the Colombo Court Complex following a court hearing.

“There are so many things to say… I will reveal them then,” he had said before being taken back into custody.

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Hayeshika granted bail (Update)

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Popular tuition teacher Hayeshika Fernando, widely known as ‘Teacher Amma,’ was granted bail by the Negombo Magistrate’s Court today (May 14) over allegedly assaulting a young man.

Her husband and the manager affiliated to her institute, who were previously arrested over the incident, have also been granted bail.

Hayeshika, who had been missing afterwards, had surrendered to the Negombo Magistrate’s Court today.


(Previous News on 14th May, 2025 at 3:33pm)

Tutor Hayeshika surrenders to court

Popular tutor – Hayeshika Fernando, who had been evading arrest, has surrendered to the Negombo Magistrate’s Court.

President’s Counsel Anuja Premaratne, appearing on behalf of the accused, informed the court that his client had voluntarily surrendered.

Hayeshika’s husband and the manager of the institution she is affiliated with were recently arrested over the alleged assault of a young man.

However, Hayeshika had remained at large until her court appearance today. Three police teams were also appointed to arrest her.

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