China is a "very important" creditor of Sri Lanka and it would likely be in the interest of both countries if China participated in restructuring Sri Lanka's debt, US Treasury Secretary Janet Yellen said on Thursday.
In this picture taken on March 15, 2022, a woman uses firewood to cook food at a hotel in Colombo. As Sri Lanka suffers a dire economic crisis with shortages of everything from medicines to gas, locals are returning to cooking with firewood. Ishara S. Kodikara/ AFP
Sri Lanka owes at least $5 billion to China although some estimates put it at almost twice that amount. India has also lent it $3.8 billion and Japan is owed at least $3.5 billion, according to the International Monetary Fund, with another $1 billion due to other rich countries. Sri Lanka defaulted on its $51 billion of international debt in May after years of heavy borrowing and tax cuts by the government, plus the damaging impact of the COVID-19 pandemic.
Yellen singled out China for failing to cooperate in efforts to provide debt relief under the Common Framework adopted by G20 members and the Paris Club of official creditors in October 2020 to help heavily indebted low-income countries weather the COVID-19 pandemic.
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