Specific, credible financing assurances required for Sri Lanka - US Treasury Secretary

US Treasury Secretary Janet L. Yellen said that the Group of 20 countries need to work together to ease the debt overhang that is holding back too many countries, including Sri Lanka.

"The IMF estimates that around 55 percent of low-income countries are close to or in debt distress. I will continue to push for all bilateral official creditors, including China, to participate in meaningful debt treatments for developing countries and emerging markets in distress," she said in Bengaluru, India on Thursday (23).

US Secretary of the Treasury Janet L. Yellen said the most urgent is the need to provide debt treatment to Zambia, and to commit to specific and credible financing assurances for Sri Lanka. 

"I will also be discussing international coordination on debt restructuring for middle-income countries," she added.

"I think it’s important for China to cooperate. Sri Lanka is also a country of concern where China plays a significant role and needs to come to the table. The conversations that I’ve had with my Chinese counterparts have been constructive and I’m hopeful that we will see progress in China in the coming months, but it is very important," she noted.