Countries like US, Japan and India are aiming at signing a memorandum of understanding
NEW YORK – Some members on the committee of Sri Lanka's official creditors are pushing to reach a deal to restructure the nation's debt without the participation of China, Bloomberg News reported on Wednesday citing people familiar with the matter.
One source said the two sides were "close to a solution" and expecting an agreement in principal to be reached in October, though a couple of issues had still to be agreed upon. Fresh talks were expected to be arranged within days, the source added. Yellen said the United States expected China to make good its pledge to work constructively on issues such as debt relief and climate change, noting that delays in restructuring raised costs for both borrowers and creditors.
"China's participation is essential to meaningful debt relief, but for too long it has not moved in a comprehensive and timely manner. It has served as a roadblock to necessary action," Yellen said. The downturn was driven by high inflation, a depreciating currency and lower purchasing power, the Census and Statistics Department said in a statement.
The economy contracted 11.5pc in the first three months of this year but activity has gradually stabilised since the government managed to secure a $2.9 billion bailout from the IMF in March.
پاکستان تازہ ترین خبریں, پاکستان عنوانات
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