GOTA urges debt relief for developing countries
COLOMBO (News1st): Sri Lanka’s President Gotabaya Rajapaksa reiterated appeals to provide debt relief to vulnerable countries, as the country deals with an economic crisis amidst the coronavirus.
COLOMBO (News1st): Sri Lanka’s President Gotabaya Rajapaksa reiterated appeals to provide debt relief to vulnerable countries, as the country deals with an economic crisis amidst the coronavirus.
“…developing countries are facing an unprecedented economic and debt crisis due to the pandemic,” the President told an online summit hosted by the Non-Aligned Movement (NAM).
Sri Lanka has to settle at least 4.8 billion US dollars in external debt for 2020, but with bond auctions being repeatedly undersubscribed, and revenues dropping, the country has printed Rs 223.6 billion this year.
“It is important to emphasize that middle-income countries too face critical and diverse economic and social challenges that have been augmented by this pandemic,” the President said.