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| Tuesday, 22 February 2005 |
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G7 countries to offer debt relief - Amunugama by Shirajiv Sirimane Finance Minister Dr. Sarath Amunugama said that major economies have expressed their willingness to support Sri Lanka by rescheduling the loans due to them. He said that G7 countries have informed that they are ready to offer moratoriums on interest components of the loans for up to one year.
"We have agreed to the proposal and the Sri Lanka government would thus save about 500 million US dollars this year which would otherwise be paid as interest on loans," he said. He said that the government has to set aside about 500 million US dollars this year for debt servicing. Out of this total amount 150 million US dollars has to be paid to Japan, around 100 million to the United Kingdom and 50 million to Germany. "The British government has said that they would settle around US$ 150 million due to them from its coffers to help Sri Lanka in this crisis situation," he said. The G7 countries comprise Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. The Minister was addressing the media following his meeting with the visiting Minister for Economic Corporation and Development of the Federal Republic of Germany, Heide Marie Wieczorek - Zeul. The German Minister said that her government has allocated 500 million Euro towards the tsunami rebuilding efforts of the affected countries in the region and Sri Lanka would be granted 100 million Euros. She said that the German government is deeply concerned in helping Sri Lanka and they would assist in reconstruction and water supply projects. On a request made by the Sri Lanka government the German Government would also undertake to map out a tourist development plan from Bentota to Galle. |
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