US stands ready to participate in restructuring of Sri Lanka's debt: Administrator Power

COLOMBO (News 1st); USAID Administrator Samantha Power said that as Sri Lanka seeks to emerge from its economic crisis, the United States, as a creditor and as a member of the Paris Club, stands ready to participate in restructuring of Sri Lanka's debt. 

Speaking during a press briefing held on Sunday (11), Administrator Power said that it is imperative that all of Sri Lanka's creditors, notably the People's Republic of China, cooperates in this process openly.

"When debt becomes unsustainable, as it has become in Sri Lanka, this cooperation could mean the difference between life or death, prosperity or poverty," she said. 

Emphasizing that the United States is not interested in increasing Sri Lanka's debt, the USAID Administrator said that the country provides grants, as it is interested in the US-Sri Lanka relationship becoming a strictly trade related relationship, and not an aid relationship. 

"We want to use our resources to unlock the potential that we know is there, without strings attached. And we think this is a really important moment in Sri Lanka for that same mindset of standing with our friends, no strings attached, and in the interest of economic independence and economic stability for this country," Administrator Power added.