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

Published

6 months ago

December 10, 2022

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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

News

Laka’s family goes to CID (VIDEO)

Published

13 mins ago

May 31, 2023

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Lakmal Weerasuriya and Sahan Arosha, the creators of popular YouTube channel ‘Lakai Sikai’, who are currently in Australia had said that they have been receiving death threats through social media platforms.

Weerasuraya’s wife has complained to the Criminal Investigation Department (CID) in this regard.

They said that some elements are engaged in this campaign against them in an organized manner for attending the concert conducted by Natasha Edirisooriya.

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CID complaint claims Manju’s funding sources aren’t clear

Published

11 hours ago

May 30, 2023

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A complaint filed with the Criminal Investigation Department claims that the overseas funding sources of Manju Nishshanka, are not clear.

The complaint, filed by Oshala Herath, Attorney-at-Law Namal Rajapaksa and Sepala Amarasinghe alleges that Manju Nishshanka, who is said to be the leader of the political movement – Global Sri Lankan Congress, has violated the Election Expenses Regulation Act and the Prevention of Money Laundering Act.

They have also revealed that Manju Nishshanka holds citizenship in the UK and the US in addition to that in Sri Lanka.

Noting that the Global Sri Lankan Congress is an unregistered political movement in the country, the complaint states that the movement has backed a political party called “Arunalu Janatha Party” in 05 LG bodies in Gampaha district and 01 LG body in the Southern Province.

Noting that Mr. Nishshanka has spent around Rs. 30 million for the election campaign of MP Mr. Nalaka Godaheva during the last General Election, the complaint also points out that he was later given a ministerial advisor position as well as a directorship falling under the State Ministry of Urban Development while Godahewa held the position of its state minister.

The complaint claims that he has been occupying the 6th floor of the Access Building in Colombo for more than a year now as his business and political headquarters, paying Rs. 05 or more as rent.

In addition, he also owns apartments at the ‘On 320 Residencies’ and Shangri-La apartments, the complaint further says.

Noting that Manju has a house in New York, USA for which he owes over USD 600,000, the complaint alleges that the sources from which he receives foreign funding for his expenses in Sri Lanka raises doubts.

The complainants urge authorities to look into this.

News

2022 A/L results to be released in August

Published

12 hours ago

May 30, 2023

editor

The Commissioner General of Examinations Amith Jayasundara says that they are expecting to release the results of the 2022 G.C.E Advanced Level examination in August.

Joining a press briefing held today (May 30), Mr. Jayasundara stated that provisions required to release the relevant results without delays are already underway.