G7 to support Sri Lanka’s debt relief efforts

The Group of Seven economic powers support efforts to provide debt relief for Sri Lanka, G7 finance chiefs said on Thursday in a draft communique from a meeting in Germany after the country defaulted on its sovereign debt, Reuters reported.

“G7 countries said in their statement they were committed to finding long-term solutions for the Indian Ocean nation and urged it to “negotiate constructively” with the International Monetary Fund on a potential loan programme. The draft statement, which is to be finalised before the end of G7finance ministers’ meeting on Friday, also called on other big creditor nations not in the Paris Club to coordinate with the group and urged them to provide debt relief on comparable terms” Reuters report added.

The G7 (Group of Seven) is an organisation of the world’s largest economies, which dominate global trade and the international financial system. The G7 consists of Canada, France, Germany, Italy, Japan, the UK and the United States.


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