US ready for further financial cooperation with Sri Lanka, but concerned over Online Safety Act

• Visiting Deputy Secretary of State for Management and Resources Richard Verma holds talks with Prez, FM

By Kelum Bandara   

The United States (US) which invested half a billion  dollars in the development of the West Container Terminal of the Colombo  Port has expressed interest in similar financial cooperation with Sri  Lanka, Daily Mirror learns.   
It transpired during the meetings between U.S. Deputy  Secretary of State for Management and Resources Richard Verma and the  Sri Lankan leaders during his visit to the country. Last year, the US,  through its International Development Finance Corporation (DFC) provided  US $ 553 million loan to the Colombo West International Terminal  Private Limited to support the development of the deep water West  Container Terminal located within the Port of Colombo. The US set up  this institution under the current administration as it competes with  China in international development financing.   

Mr. Verma who is in Sri Lanka met with President Ranil  Wickremesinghe and Foreign Minister Ali Sabry. Daily Mirror learns that  he extended further support to Sri Lanka’s debt restructuring process.   

Besides, he is reported to have raised concerns about the  Online Safety Act. The Sri Lankan side briefed him that the Act would be  amended soon.   

He was travelling to Sri Lanka, India and the Maldives between  February 18 and 23 in a move to strengthen the US cooperation with  these key Indo-Pacific partners.   

 After the launch of the US Indo-Pacific Strategy on  February 11, 2022, the US has worked collaboratively with allies and  partners to build what it calls an Indo-Pacific region that is free and  open, connected, prosperous, secure, and resilient.  

The US, along with countries such as India, pursues this strategy against the backdrop of China’s rise in the region.