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World Bank calls for quick restructuring of Sri Lanka’s debt

26 Feb, 2023

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The World Bank has called for quick restructuring of Sri Lanka’s debt.

World Bank President David Malpass said that Sri Lanka and other middle-income countries were in need of quick debt restructuring.

“We should work together to achieve solutions ? Zambia MoU, Ghana official creditors’ committee, Ethiopia rescheduling, and Sri Lanka financial assurances. All of which can be done in the next few months if there is agreement at the table,” he added.

David Malpass expressed these views on the sidelines of a Group of 20 meeting in Bengaluru, India.

“We want to find a process in which everyone can put forward their concerns and positions on complicated topics,” The Business Standard quoted David Malpass as saying at a roundtable meeting.

Saturday’s roundtable of public and private creditors was organised to discuss the shortcomings of the Common Framework, a G20 initiative that brings together the Paris Club of traditional rich lender countries, private creditors and China to try to restructure the debts of low-income countries on a case-by-case basis. (Colombo Gazette)

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