G7 leaders welcome launch of creditors’ meeting for Sri Lanka

The G7 leaders have welcomed the launch of the creditors’ meeting for Sri Lanka under the three co-chairs – France, India and Japan.

In a joint statement, the G7 leaders said they look forward to a swift resolution as a successful model for future multilateral efforts to address middle-income countries’ debt issues.

Further, they stressed the importance of private creditors providing debt treatments on terms at least as favourable to ensure fair burden sharing in line with the compatibility of treatment principle.

The Group of Seven (G7) is an informal bloc of industrialized democracies comprising the United States, Canada, France, Germany, Italy, Japan and the United Kingdom, as well as the European Union (EU) which meets annually to discuss a wide range of issues global economic governance, international security and energy policy.

This year, Japan is hosting the 49th G7 Summit in Hiroshima from May 19-21.

The G7 members also said the bloc is determined to support a free and open Indo-Pacific and oppose any unilateral attempts to change the status quo by force or coercion.

They went on to underscore their commitment to strengthen coordination with regional partners, including the Association of Southeast Asian Nations (ASEAN) and its member states. “We reaffirm our unwavering support for ASEAN centrality and unity and our commitment to promoting cooperation in line with the ASEAN Outlook on the Indo-Pacific.”

The G7 members also vowed to foster a strong and resilient global economic recovery, maintain financial stability, and promote jobs and sustainable growth.