Ali Sabry, the foreign minister of Sri Lanka, has called for a “global debt restructuring architecture” in an effort to stop developing nations and less developed nations from “embraling in controversy forever.”
During his visit to China, Sabry spoke to CNBC about a number of pressing issues, including the various ways China may support Sri Lanka’s rapid economic development.
The foreign minister met with his counterpart, Chinese State Councilor Qin Gang, the Chairman of the Export-Import Bank of China, and China’s Finance Minister while in China to attend the World Economic Forum being held in Tianjin from June 27 to 29. He described all of the discussions with these people as “very fruitful and cordial.”
They have promised to support Sri Lanka’s next phase of development, he added, adding that all of the meetings were really beneficial and courteous.
Sabry emphasized that the recent agreement between Zambia and China to restructure USD 6.3 billion in debt provided Sri Lanka a great deal of “optimism and hope,” adding that it was time for a global debt restructuring architecture.
In this regard, he stated, “I think it’s time that we have a global debt restructuring architecture’ that would assist smaller nations, emerging economies, and frontier nations so that they could quickly get out of the trouble and move into the next space without becoming permanently involved in controversy.
They have promised to support Sri Lanka’s next phase of development, he added, adding that all of the meetings were really beneficial and courteous.
Sabry emphasized that the recent agreement between Zambia and China to restructure USD 6.3 billion in debt provided Sri Lanka a great deal of “optimism and hope,” adding that it was time for a global debt restructuring architecture.
In this regard, he stated, “I think it’s time that we have a global debt restructuring architecture’ that would assist smaller nations, emerging economies, and frontier nations so that they could quickly get out of the trouble and move into the next space without becoming permanently involved in controversy.
