He welcomed the recent launch of a coordinated debt restructuring program for the bilateral creditors of crisis-hit Sri Lanka, with Japan, India and France announcing the start of the process in April. China is also a major creditor.

“It is essential to improve debt data transparency and accuracy to prevent future debt crises,” the Minister added.

Meanwhile, Japan will contribute $25 million to help countries in the Asia-Pacific region address the issue of climate change via a new financing mechanism by the Asian Development Bank.