Macron Vows Firm Backing for Sri Lanka's Debt Restructuring Efforts

Macron Vows Firm Backing for Sri Lanka's Debt Restructuring Efforts

Columbo - Emmanuel Macron's historic visit to Sri Lanka as the first-ever French President marks a significant moment for the island nation's ongoing efforts to recover from its worst-ever financial crisis through debt restructuring.

As part of his broader tour of the South Pacific Region, Macron arrived in Colombo on Friday, where he engaged in crucial discussions with Sri Lankan counterpart, Ranil Wickremesinghe.

During the meeting, President Macron reaffirmed France's firm commitment to support Sri Lanka in its economic recovery. As the fourth-largest creditor to the country, France pledged valuable assistance in the debt restructuring process, aiming for a positive outcome for Sri Lanka, as stated by the President's Media Division (PMD).

Following the discussions, Macron took to Twitter to emphasize the shared goals of Sri Lanka and France in promoting an open, inclusive, and prosperous Indo-Pacific region. He underscored the strong and enduring 75-year diplomatic relations between the two nations, envisioning a new era of partnership.

The meeting between the two leaders, which lasted about an hour, witnessed admiration from Wickremesinghe for France's significant role in global affairs, particularly in areas such as climate mitigation, global debt restructuring, and matters related to the Indo-Pacific region.

The discussions primarily focused on enhancing cooperation across various sectors, including politics, economics, tourism, climate change, sustainable development, and maritime activities. Marking the 75th anniversary of diplomatic relations, specific areas for further collaboration were identified, including the establishment of a school for maritime safety and security, the opening of a permanent office for the French Agency for Development (AFD) in Sri Lanka, high-level diplomatic dialogues, cooperation in the education sector, and efforts to combat human trafficking in the maritime safety and security sector, as reported by the PMD.

Furthermore, both leaders exchanged views on regional and multilateral matters of interest in the current global context. Macron expressed keen interest in collaborating with Sri Lanka during its upcoming chairmanship of the Indian Ocean Rim Association (IORA), of which France is a member. In turn, Wickremesinghe showed interest in the Indian Ocean Commission, where France plays an active role.

In April, France, along with India and Japan, initiated the debt restructuring negotiation process for Sri Lanka. Subsequently, on May 17, an official creditor committee, including the Paris Club Creditors co-chaired by India, Japan, and France, was formed to discuss Sri Lanka's request for a debt treatment.

Accompanying President Macron were Minister for Europe and Foreign Affairs Catherine Colonna, Ambassador of France in Sri Lanka and Maldives Jean-Francoise Pactet, and Head of Asia Department of the French Ministry of Foreign Affairs Benoit Guidee, underscoring the importance of the visit and the commitment to further bilateral relations.

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