China participating in debt restructuring for Sri Lanka is a hopeful sign, said US Treasury Secretary Janet Yellen.

She told the AFP that “We have seen some movement by China on participating in debt restructuring for Sri Lanka, which is a hopeful sign”.

As global growth slows, the World Bank previously warned that the outlook is especially tough for the poorest economies — which face sluggish growth driven by heavy debt burdens and weak investment.

Yellen had earlier said that China should move more quickly on some debt restructurings.

Discussions on this front will continue next week as a newly formed global sovereign debt roundtable gathers, she told AFP.

“We’re having useful technical discussions on important elements of debt restructuring. China has been participating, and we all continue to press China for improvements,” she said.

Washington will continue pushing for a speedier and more predictable operation of the G20 “common framework” for debt restructuring as well.

The World Bank’s ongoing reform could result in a $50 billion lending boost over the next decade, US Treasury Secretary Janet Yellen told AFP ahead of stakeholders’ meetings next week where key changes are expected to be announced.

Central bankers, finance ministers and participants from more than 180 member countries are expected to gather in the US capital for the International Monetary Fund and World Bank’s spring meetings in the coming week.

A key topic of discussion will be the World Bank’s evolution, amid a push for lenders to revamp and meet global challenges like climate change. The United States is the largest shareholder of the World Bank Group.

(newsfirst)

MP Namal Rajapaksa requested President Ranil Wickremesinghe to facilitate the return of funds allegedly taken by the Rajapaksas to Uganda.

“If the Rajapaksas have taken money to Uganda, I request the President and the government to intervene and bring the money back on the same flights,” he said.

Ukraine is able to export electricity for the first time in six months as its energy infrastructure recovers from months of repeated Russian attacks.

Russia began its lengthy and deliberate assault on Ukraine’s energy infrastructure last October.

It led to power cuts and scheduled blackouts, leaving towns and cities in darkness during winter.

Ukraine was forced to stop electricity exports – but will now be able to sell its excess power again.

Energy Minister Herman Halushchenko signed an executive order authorising the exports, although local customers remain the priority.

He said the system had been producing extra capacity for almost two months and that Ukrainians were not facing restrictions.

“The most difficult winter has passed,” Mr Halushchenko said on Friday.

“The next step is to start exporting electricity, which will allow us to attract additional financial resources for the necessary reconstruction of the destroyed and damaged energy infrastructure.”

He also praised the “titanic work” of engineers and international partners to restore the system.

Last month, residents across Ukraine told the BBC that power supplies were becoming more reliable.

“The city has transformed,” said Inna Shtanko, a young mother in Dnipro. “Finally, street lights are back, and it’s no longer scary to walk the city streets.”

(BBC News)