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China with WB, IMF to address issues of debt-stricken countries including SL

The presidents of Export-Import (EXIM) Bank of China and China Development Bank (CDB) have had a positive discussion with IMF and World Bank chiefs on the international economic situation and the debt of developing countries including Sri Lanka.

The discussion took place during a working dinner co-hosted by China EXIM Bank and CDB on Thursday (Dec 08) for the visiting World Bank President David Malpass and IMF Managing Director Kristalina Georgieva.

All parties have expressed willingness to give full play to their respective advantages in the future and continue to strengthen coordination and cooperation in related fields on international development and debt issues of developing countries.

China is working with other lenders on easing Sri Lanka’s debt burden, a Chinese diplomat said as country attempts to re-structure debt after the country defaulted on foreign debt after two years of money printing.

“China is actively working with relevant countries and international financial institutions to support Sri Lanka to ease the debt burden and realize sustainable development,” Li Guangjun, Economic and Commercial Counselor, Embassy of Peoples’s Republic said.

He was speaking at the 21st Annual General Meeting of Sri Lanka – China Business Council of the Ceylon Chamber of Commerce recently.

Meanwhile, Chinese Premier Li Keqiang on Thursday met with IMF chief Kristalina Georgieva, pledging to strengthen macro-policy coordination.

He assured that China would continue to strengthen macro-policy coordination with all parties, including the IMF, to tackle debt, climate change and other global challenges, and make greater contributions to promoting global economic recovery and sustainable development.

China will implement the G20’s Debt Service Suspension Initiative in all respects, Li said further, adding that China will work with relevant G20 members to formulate and participate in a fair and equitable debt-restructuring plan.

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