A high-level delegation representing the U.S. Department of the Treasury and the U.S. Department of State just concluded an important visit.
Deputy Assistant Secretaries Robert Kaproth of Treasury and Ambassador Kelly Keiderling of State met with a wide range of political representatives, economists, and international organizations.
The purpose of their meetings was to explore the most effective ways for the United States to support Sri Lankans in need, Sri Lankans working to resolve the current economic crisis, and Sri Lankans planning for a sustainable and inclusive economy for the future.
The delegation also pressed upon the government the need to negotiate urgently with its creditors and the IMF to finalize an assistance package, in order to ease the suffering of the Sri Lankan people and get the economy back on track as quickly as possible.
This visit underscores ongoing commitment of the US to the security and prosperity of the Sri Lankan people. Its efforts to support economic growth and strengthen democratic institutions have never been more critical.
They welcome the steps Sri Lanka has taken to go to the IMF, to hire debt and legal advisors, and begin debt restructuring talks. Those are positive moves. But there is much more that needs to be done to get Sri Lankan back on the path to sustainable economic growth.
The reform measures Sri Lanka adopts need to address the root causes of this crisis so that the country finally makes lasting and decisive structural reforms that enshrine international standards of good governance and transparency for the benefit of all Sri Lankans. There is no more room for stop-gap measures.
As Sri Lanka engages in debt restructuring and financial reforms, it is absolutely critical that all creditors are treated equitably and comparably. That is one of the very important components that many countries who undergo an IMF program have to address
They said that Sri Lanka should seize this moment to shift to green technology and renewable energy sources
If there is anything the fuel crisis has taught us is that the time to switch to renewables is now! This is an area where Sri Lanka stands to benefit from the cutting-edge technology that
American companies have to offer, as well as access to U.S.-based project finance. Clean power is also a priority focus of the Build Back Better World partnership that President Biden announced with our G7 partners last year