U.S. willing to help Sri Lanka find sustainable solutions to urgent economic challenges

by Sanath Nanayakkare

Julie Chung, the U.S. Ambassador to Sri Lanka met with UNP Leader and former prime minister Ranil Wickremasinghe (RW) on Monday, March 21 at the latter’s private residence in Colombo. The meeting took place two weeks following her talks with Denis Chaibi, the EU Ambassador to Sri Lanka on potential areas for collaboration in Sri Lanka and the Indo Pacific.

The official Twitter account of Ambassador Julie Chung said, “A vibrant political opposition is vital in any healthy democracy. Thank you RW for meeting with me to discuss ways the U.S. and Sri Lanka can work together to find sustainable solutions to today’s urgent economic challenges,”

On March 8, she met with TNA Leader R. Sampanthan on the need for a political solution, accountability and justice for all Sri Lankans. Following this meeting she said that she was looking forward to more conversations on democracy, governance and inclusive economic growth for all of Sri Lanka’s diverse communities.

Earlier, the U.S. Ambassador met with Justice Minister Ali Sabry and discussed their ‘shared commitment’ to the rule of law and support for Sri Lanka’s efforts to ensure justice for is citizens including the adoption of modern tech international standards through USAID’s efficient and effective justice project.

Julie Chung during her recent meeting with AmCham Sri Lanka said that the U.S. is committed to working with the local partners to foster a Sri Lankan economy that is sustainable, innovative and inclusive. She further discussed with AmCham ways to increase the prosperity of all Sri Lankans.

She also met with Foreign Secretary Jayanath Colomboge and discussed bilateral cooperation at the UNHRC and continued U.S. support for economic development on the island.

The U.S Ambassador’s assurance to Sri Lanka comes at a time the island nation’s currency reserves have slumped 70% in the last two years to $2.31 billion and it has to repay about $4 billion in debt in the remainder of this year.

Reuters said on Monday that the drain of dollars has left Sri Lanka struggling to pay for critical imports including food, fuel and medicine.

Meanwhile, the government yesterday ordered the military to post soldiers at hundreds of filling stations belonging to Ceypetco to ensure the distribution of fuel without causing more social unrest and deaths.

Sri Lanka’s finance minister is due to head to Washington next month for talks with the IMF with the objective of getting funding assistance from the international lender.

A report by Reuters said that Sri Lanka is going to hire a global law firm to get technical assistance on debt restructuring ahead of the talks IMF.

Ajith Nivard Cabraal, the Governor of the Central Bank of Sri Lanka repeatedly said that Sri Lanka would not seek assistance of the IMF and would replenish foreign reserves with financial assistance from friendly countries and non-debt creating inflows.