G7 to support Sri Lankaโ€™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.

โ€œG7 countries said in their statement they were committed to finding long-term solutions for the Indian Ocean nation and urged it to โ€œnegotiate constructivelyโ€ with the International Monetary Fund on a potential loan programme. The draft statement, which is to be finalised before the end of G7finance ministersโ€™ 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 termsโ€ Reuters report added.

The G7 (Group of Seven) is an organisation of the worldโ€™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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