INSUBCONTINENT EXCLUSIVE:
The Group of Seven economic powers support efforts to provide debt relief for Sri Lanka, G7 finance chiefs said on Thursday in a draft
communique from a meeting in Germany after the country defaulted on its sovereign debt.The once-booming island country has suspended debt
payments as it grapples with its worst economic crisis since it won independence in 1948, facing shortages of essential goods that have
triggered social unrest.G7 countries said in their statement they were committed to finding long-term solutions for the Indian Ocean nation
on Friday, also called on other big creditor nations not in the Paris Club to coordinate with the group and urged them to provide debt
relief on comparable terms.G7 finance chiefs also singled out China, which has become a major creditor to low-income countries, to actively
contribute to debt relief for such countries.Chad, Ethiopia and Zambia have so far sought debt relief under a new G20 common framework, but
progress has so far been slow with some officials accusing China of dragging its feet.Source: Reuters-Agencies
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