S Jaishankar likely to visit Sri Lanka next week, to discuss debt restructuring process

According to the Sri Lankan President's Media Division, External Affairs Minister S Jaishankar is scheduled to visit Sri Lanka the next week to discuss the debt restructuring procedure.

"India's Foreign Minister will be arriving in Sri Lanka next week. India is in debt restructuring discussions," Sri Lankan President Ranil Wickremesinghe said while addressing the "Pratibha Abhisheka 2022", on Wednesday.

Sri Lanka to get USD 5 billion from World Bank and Asian Development Bank

According to Sri Lankan President's Media Division, Wickremesinghe stated that after obtaining USD 2.5 billion from the IMF, the nation can receive close to USD 5 billion from the World Bank and the Asian Development Bank.

"The government will receive USD 2.5 billion from the IMF. After that, we can get nearly 5 billion dollars from the World Bank and the Asian Development Bank. The total will be USD 7.5 billion. Adding the USD 3 billion from the restructuring of unprofitable government agencies can add up to USD 10 billion, which will enable the economy to recover and bring the country out of this suffering," he added.

A loan moratorium may be possible, according to Wickremesinghe, in order to safeguard enterprises and give employees of such businesses the required relief. He stated that the Central Bank Governor has been instructed to look into this situation while safeguarding the Banks.

"This is the hardest work we have to do. We cannot live like this forever. Even if we live with hardships, we must move forward quickly. The current inflation is a problem that every business has to face. If we continue with these decisions, we can reduce inflation. Bank interest can be reduced. If decisions cannot be made, inflation will increase," Sri Lankan President Media Division quoted President as saying.

Coutries that have given loans willing to assist: Wickremesinghe

President Wickremesinghe further said, "We are working to secure IMF assistance as soon as possible. The countries that have given us loans have already stated their willingness to assist us. Japan and the Paris Club, two of our three major creditors, have expressed their willingness to assist." The President commended the Chamber for the pioneering work it has done to get women involved in business and stressed the need to focus on the micro category where a large number of women who run small shops at the village level are engaged in business.

He also pointed out that the largest numbers of entrepreneurs that are not recognized in Sri Lanka are moneylenders. "There are a large number of women moneylenders, and in some areas, they are the ones who dominate. The government, too, is interested to look at all the micro-enterprises, not only by women but also by men." He revealed that the number of women entrepreneurs is small compared to many other countries and said that the country needs more business women and for this, the main chamber will help, reported the Sri Lankan President's Media Division.

"Though Sri Lanka's population consists of 52 per cent females, and we should at least have a large number of women entrepreneurs that can come and certainly help to develop the economy," Wickremesinghe said.

(With inputs from ANI)

Published on: Saturday, January 14, 2023, 08:08 PM IST