India’s proactive actions have been critical in supporting Sri Lanka’s reform efforts, US Treasury Secretary Janet Yellen said on Tuesday.

Yellen made this comment during the US- India Business Council Ideas Summit in Washington DC. 

"During the past six months, we have made progress across a number of areas. Debt distress in the developing world continues to pose a risk to macroeconomic growth and stability. Much more needs to be done to provide timely and comprehensive debt treatments. But we have taken steps forward on urgent cases like Sri Lanka – where India’s proactive actions have been critical to supporting the authorities’ reform efforts. We are continuing to push for urgent action in other cases as well," she added.