New Delhi: Appreciating India’s financial assistance to Sri Lanka, visit U.S. Agency for International Development ,U said) administrator Samantha Power Citing China’s “opaque” loan deals with the island nation at very high interest rates as one of the reasons for the country’s current financial situation. Power called on all countries, including India, to ensure that Russia does not sign a UN-backed grain deal with Ukraine to mitigate the global food crisis.
Power discussed the situation in Sri Lanka with his Indian interlocutors and, addressing a gathering later in the day, identified economic mismanagement and corruption, mindless agricultural policies, self-inflicted debt burdens and the tourism sector crushed by COVID-19. Of. Financial Crisis.
“When the process of obtaining loans brings with it a deep infringement on sovereignty and independence and very high interest rates, things will become problematic,” Power said while responding to a query by TOI about his remarks that opaque loan agreements had contributed. Problem.
Power is currently on a visit to India to “advance America’s partnership” with the Indian government and people and, according to US officials, strengthen India as a key global growth leader in addressing urgent global challenges. . Bijli met External Affairs Minister S Jaishankar on Monday.
Power also met with civil society representatives Tuesday to discuss freedom of expression, speech, identity and “the importance of protecting the rights of minority groups.” He is said to have underscored America’s “continuing commitment” to working with civil society organizations around the world to advance human rights and fundamental freedoms.
According to Power, the debt challenge was not unique to Sri Lanka and several “debt-stricken” countries in Africa and Asia were hoping their calls would be answered. He said it is indeed necessary that Beijing participates in debt relief transparently and on equal terms with all other creditors.
In fact, over the past two decades, China has become one of Sri Lanka’s largest creditors, often offering opaque loan deals at higher interest rates than other lenders, and often of questionable practical use to Sri Lankans. finances headline-grabbing infrastructure projects with
“Now that the economic situation has worsened, Beijing has promised loans and emergency loans – important because Beijing is estimated to account for at least 15% of Sri Lanka’s foreign debt. But to provide more significant relief. Calls for this have so far remained unanswered, and the biggest question is whether Beijing will restructure the debt at the same time as other bilateral creditors.
Power discussed the situation in Sri Lanka with his Indian interlocutors and, addressing a gathering later in the day, identified economic mismanagement and corruption, mindless agricultural policies, self-inflicted debt burdens and the tourism sector crushed by COVID-19. Of. Financial Crisis.
“When the process of obtaining loans brings with it a deep infringement on sovereignty and independence and very high interest rates, things will become problematic,” Power said while responding to a query by TOI about his remarks that opaque loan agreements had contributed. Problem.
Power is currently on a visit to India to “advance America’s partnership” with the Indian government and people and, according to US officials, strengthen India as a key global growth leader in addressing urgent global challenges. . Bijli met External Affairs Minister S Jaishankar on Monday.
Power also met with civil society representatives Tuesday to discuss freedom of expression, speech, identity and “the importance of protecting the rights of minority groups.” He is said to have underscored America’s “continuing commitment” to working with civil society organizations around the world to advance human rights and fundamental freedoms.
According to Power, the debt challenge was not unique to Sri Lanka and several “debt-stricken” countries in Africa and Asia were hoping their calls would be answered. He said it is indeed necessary that Beijing participates in debt relief transparently and on equal terms with all other creditors.
In fact, over the past two decades, China has become one of Sri Lanka’s largest creditors, often offering opaque loan deals at higher interest rates than other lenders, and often of questionable practical use to Sri Lankans. finances headline-grabbing infrastructure projects with
“Now that the economic situation has worsened, Beijing has promised loans and emergency loans – important because Beijing is estimated to account for at least 15% of Sri Lanka’s foreign debt. But to provide more significant relief. Calls for this have so far remained unanswered, and the biggest question is whether Beijing will restructure the debt at the same time as other bilateral creditors.