COLOMBO, Sri Lanka (AP) - Japan’s Foreign Minister Yoshimasa Hayashi stated Saturday that Sri Lanka is a key companion in a Tokyo-led initiative geared toward constructing safety and financial cooperation across the Indo-Pacific but additionally at countering an more and more assertive China.

Sri Lanka, strategically positioned within the Indian Ocean, is integral to realizing a free and open Indo-Pacific, Hayashi stated. He was talking after a gathering along with his Sri Lankan counterpart, Ali Sabry, within the capital, Colombo.

The initiative, introduced by Japanese Prime Minister Fumio Kishida in March consists of Japan’s help to rising economies, assist for maritime safety, a provision of coast guard patrol boats and tools and different infrastructure cooperation.

Last yr Sri Lanka, which owed $51 billion in international debt, grew to become the primary Asia-Pacific nation for the reason that late Nineteen Nineties to default, sparking an financial disaster.

While Japan is Sri Lanka’s largest creditor, about 10% of its debt is held by China, which lent Colombo billions to construct sea ports, airports and energy vegetation as a part of its Belt and Road Initiative. In March, China agreed to supply Sri Lanka a two-year moratorium on mortgage repayments.

Hayashi stated that he conveyed expectations for additional progress in Sri Lanka’s debt restructuring course of. He welcomed Sri Lanka’s efforts underneath an settlement with the International Monetary Fund, which incorporates anti-corruption measures and transparency within the policy-making course of.

Sri Lanka’s Foreign Minister Sabry stated that he, together with Sri Lankan President Ranil Wickremesinghe, invited Japan to renew funding initiatives already within the pipeline and to think about recent investments in sectors akin to energy era, ports and highways, and devoted funding zones, in addition to within the inexperienced and digital economic system.

Over many a long time, Japan grew to become one in all Sri Lanka’s key donors, finishing up key initiatives underneath concessionary phrases. However, relations between the 2 international locations got here underneath pressure after Wickremesinghe’s predecessor Gotabaya Rajapaksa unilaterally scrapped a Japan-funded mild railway undertaking following his election in 2019.

Sri Lanka’s Cabinet has already authorised a proposal to restart the railway undertaking.

Rajapaksa was pressured to resign in July 2022 amid offended public protects over the nation’s worst financial disaster.

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