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Japan vows to resume economic collaboration with Sri Lanka after debt restructuring deal
View(s):The visiting Japanese Foreign Minister Yoko Kamikawa yesterday pledged to resume economic collaboration with Sri Lanka including yen loans, after the signing of the MOU on debt restructuring with the Official Creditor Committee and Sri Lanka.
The visiting Minister conveyed the Japanese government’s position when she called on President Ranil Wickremesinghe last evening.
Minister Kamikawa commended leadership under the President to handle the debt restructuring process and expressed confidence about the recovery while Japan will extend its support.
During the discussions with President Minister Kamikawa, discussed about the stalled Japanese investment initiatives including the Bandaranaike International Airport (BIA) expansion project and the Light Rail Transit (LRT) project.
Minister Kamikawa, who is an ardent supporter of women’s rights and gender equality, appreciated the President’s efforts to bring about necessary legislation in the country regarding this vital matter.
The President expressed his thanks to the Government and people of Japan for their support for Sri Lanka during the country’s hour of need.
He stressed that the cooperation between Sri Lanka and Japan must be strengthened, which will only serve to benefit both countries.
Minister Kamikawa earlier called on Sri Lanka’s Foreign Minister Ali Sabry where she stated the importance of early signing of the memorandum of understanding on debt restructuring with the Official Creditor Committee and swift implementation of debt restructuring with all creditors in a transparent and comparable manner, as well as the need to work on anti-corruption measures and transparency in the policy making process in accordance with the agreement with the IMF.
Regarding national reconciliation, Minister Kamikawa commended that the Sri Lankan government is making various efforts, and stated that Japan would also support such efforts. Foreign Minister Sabry explained the Sri Lankan government’s efforts aimed at national reconciliation, and expressed his appreciation for Japan’s cooperation.
“Today, I conveyed Japan’s expectation for the early signing of the MoU between the Official Creditor Committee and Sri Lanka,” she said.
She stressed the importance of reaching a debt restructuring agreement with all the creditors in a transparent and comparable manner.
Ms. Kamikawa said Japan was leading the international discussions on Sri Lanka’s debt restructuring as co-chair of the official Creditor Committee.
“The restoration of stability and economic development in Sri Lanka, which is at a strategic location in the Indian Ocean, is essential for the stability and prosperity of the entire indo-Pacific region,” she said.
The minister also expressed Japan’s intention to continue to support Sri Lanka’s ongoing efforts for national reconciliation. “The various reforms Sri Lanka is currently undertaking are essential for the re-normalisation of the Sri Lankan economy.”
She said that, based on a request from Sri Lanka, Japan would offer a vessel equipped with a sonar to compile maritime charts.
“It is the hope of Japan and myself that Sri Lanka will be back on track for economic development as soon as possible and make further progress as a hub in the Indian Ocean,” she said.
In his statement, Foreign Minister Ali Sabry said the country had not only recovered from an economic collapse but had also experienced a rapid revival, showcasing the resilience and determination of the Sri Lankan people.
“We expect the conclusion of the debt restructuring process in time for the next tranche of the IMF process,” he said.
Mr. Sabry said that during the bilateral talks, he invited Japan to resume the Japanese investment projects that were currently in the pipeline and invited fresh investments from Japan in several sectors, such as power, infrastructure, including port and highway sectors, dedicated investment zones, and green and digital economy.
He said he briefed the visiting minister on the most recent initiatives taken by the Government of Sri Lanka, including the operationalization of the Interim Secretariat on the Truth and Reconciliation Mechanism. He said the minister was also briefed about the Truth and Reconciliation Commission Bill to be submitted to Parliament.
Foreign Minister Kamikawa before arriving in Sri Lanka visited Madagascar, Côte d’Ivoire, Nigeria, France, and is due to leave for Nepal today.
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