Japan, India FMs confirm importance of fair development finance

The foreign ministers of Japan and India have confirmed the importance of fair and transparent development finance in view of Sri Lanka's debt crisis.

Japan's Foreign Minister Hayashi Yoshimasa met with India's External Affairs Minister Subrahmanyam Jaishankar in Tokyo. They talked for around one hour and 20 minutes over dinner on Thursday.

The ministers exchanged views on the situation in Sri Lanka, India's neighbor. Sri Lanka is struggling to repay its Chinese loans and is being pressured to hand over some of its interests in the so-called "debt trap."

The ministers agreed that their countries will promote a loan and investment initiative in which Japan will procure 5 trillion yen, or around 35 billion dollars, for India. This figure will include funds from the private sector.

They also confirmed their countries' cooperation in the field of economic security, which includes high-speed 5G networks and other key technologies.

The foreign ministers vowed close coordination, noting that next year Japan will chair the summit of the Group of Seven countries and India will chair the meeting of the Group of 20 nations.