US Treasury Secretary Janet Yellen has expressed hope that debt treatment for Sri Lanka could be finalised quickly, it was reported.

Yellen stated that this would help the International Monetary Fund (IMF) move forward with initial loan programme reviews.

Janet Yellen made the remarks at a media conference before a meeting of the Group of 20 Finance Ministers and Central Bankers held in India on Sunday.

According to Reuters, U.S. Treasury Secretary Janet Yellen said she was “eager” to work with China on areas of mutual interest, including debt restructurings for poorer countries, and that multilateral development banks needed reforms before capital increases could be considered.

Yellen said her visit to Beijing last week helped put the U.S.-China relationship on “surer footing” and that the world’s two biggest economies had an obligation to the world “to cooperate on areas of mutual concern”.

She further said a debt restructuring “user guide” was needed for borrowing countries and other stakeholders to provide clarity about the process.

Yellen said the IMF’s Poverty Reduction and Growth Trust, which provides zero-interest loans to the world’s poorest countries, needed to be put on sounder financial footing. 

The U.S. Treasury is ready to assist the IMF to consider options for this, including using internal fund resources, she said. (NewsWire)

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President Ranil Wickremesinghe has expressed his sincere appreciation to the United States for its support in Sri Lanka’s debt relief measures and increased financial assistance for sustainable development. 

The President expressed his appreciation during a meeting with US Treasury Secretary Janet Yellen, yesterday (22) on the sidelines of the Paris Summit for a New Global Financing Pact. 

According to the President’s Media Division, President Wickremesinghe commended Secretary Yellen’s leadership in this regard. 

Secretary Yellen reaffirmed the United States backing for Sri Lanka’s reform agenda and requested an update on the country’s progress with the International Monetary Fund (IMF) procedures. 

The President briefed Secretary Yellen on the current situation and highlighted the challenges faced in the debt restructuring process. Nevertheless, he said that Sri Lanka had chosen to take control of the situation and move forward with determination. 

President Wickremesinghe also provided an update on the ongoing discussions with bilateral creditors. Secretary Yellen was also briefed on the Sri Lankan government’s economic objectives and climate prosperity plan. 

The President emphasized Sri Lanka’s intention to involve the private sector in this process. 

The US delegation was also updated on the upcoming visit and the engagement between the two countries. 

The PMD added that President Ranil Wickremesinghe also extended an invitation to Secretary Yellen to visit Sri Lanka. (NewsWire)

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According to the US State Department, US Treasury Secretary Janet Yellen spoke with Sri Lankan President Ranil Wickremesinghe on Monday.

During the discussion, Janet Yellen expressed support for Sri Lank’s steps towards an International Monetary Fund (IMF) supported programme to advance economic reform and achieve a strong and durable recovery.

Sri Lanka is currently in discussions with the IMF and its other international creditors for debt restructuring after facing a severe economic crisis. (NewsWire)

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