Time to change perspective on public debt and its policies – Semasinghe

State Minister of Finance Shehan Semasinghe emphasized that it’s time to change the perspective on public debt and its policies, so as to enable developing countries to overcome current challenges, foster economies that support the creation of wealth and sustainable development in a spirit of true multilateralism to form a collaboration.

This is with the objective of providing developing nations to address the challenges of the people of the world on the basis of inclusion, solidarity and consultation, the Minister said while participating in the Economic and Social Council (ECOSOC) panel in New York.

Commenting on “Fostering debt sustainability by addressing gaps in the sovereign debt architecture” , the State Minister said that the Sovereign debt restructuring is a complex mechanism which is involved by the national government, international creditors and various third parties and principally the IMF.”

Addressing the panel, the state minister explained the need to change the perspective on public debt and policies aiming at the ability for the developing nations to address the challenges.

Further, the state minister participating in the event “On the sidelines of the Finance for Development Forum, met Luo Zhaohui, Chairman of the China International Development Cooperation Agency.They discussed further avenues to strengthen Sri Lanka China economic ties.