The G20 could help fix Sri Lanka’s debt crisis. Will it step up?
1 year, 9 months ago

The G20 could help fix Sri Lanka’s debt crisis. Will it step up?

Al Jazeera  

The G20 includes Sri Lanka’s top lenders and powers with influence. If this group collaborated effectively, it could make debt relief available to Sri Lanka, and strengthen the protections of people’s economic and social rights during a moment of crisis. While IMF financing may be the reason Sri Lanka’s debt is in the news today, creditors should focus on resolving debt so economic and social rights can be better guaranteed. As an Amnesty International report on Sri Lanka’s economic crisis from October 2022 noted, international financial organisations, multilateral developmental banks and private corporations have obligations and responsibilities to respect international human rights. As these negotiations progress, debt restructuring and relief should enable Sri Lanka to service its external debts without compromising its capacity to fulfil its human rights obligations, and guarantee people’s economic and social rights.

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