What China offered on debt restructuring is not enough: The U.S. Under Secretary Victoria Nuland

The U.S. Under Secretary for Political Affairs Victoria Nuland stated that the United States wants to see an International Monetary Fund (IMF) bailout for Sri Lanka as soon as possible, and that what China has offered in terms of debt restructuring and relief is insufficient. 

She stated that the US expects China, as Sri Lanka's largest bilateral creditor, to provide credible and specific assurances about its readiness to join the rest of the creditors in meeting IMF standards for debt relief.

“We are increasingly seeing that all the rest of the creditors come for assurances and now all eyes on China to do the same,” she said.  

She also stated that the United States and the Paris Club are currently working to secure the IMF agreement for Sri Lanka. 

Under Secretary of State Nuland met with President Ranil Wickremesinghe to discuss the US's ongoing support for Sri Lanka during this difficult time, particularly their desire for a quick conclusion of the IMF negotiations.

“This is a critical moment for Sri Lanka. As the government works with the IMF and other major international creditors to stabilise the economy and return Sri Lanka to a path of stability, recovery, and growth, it is also an important time for Sri Lanka to strengthen its democracy, governance, and reconciliation,” Ms. Nuland added.   

This includes holding local elections in March, giving people across the country a voice in their future, sharing the story of the national dialogue on reconciliation with the people, and moving forward with the form of the Prevention of Terorrism Act (PTA) to meet international standards, she concluded.