INSUBCONTINENT EXCLUSIVE:
2.9 billion bailout by December, but the multilateral lender has cautioned that the time frame remains uncertain, and much depends on
All parties who are involved in the process should move expeditiously, so that Sri Lanka can emerge from the crisis as quickly as
1, Sri Lanka reached a staff-level agreement with the IMF to obtain the $2.9 billion, a crucial lifeline for a country wrestling with the
worst economic crisis in its history
year, Sri Lanka defaulted on a foreign bond for the first time, after its foreign reserves dwindled to next to nothing
presentation for external creditors to explain the situation and discuss the next steps toward restructuring
economy, depleted reserves and forced the country to stop debt repayments.The day before, President Ranil Wickremesinghe chaired a meeting
with ambassadors from 23 Paris Club and non-Paris Club countries, including Japan, France and India, to discuss related
essential for the board to give the final green light.The Indian High Commission in Sri Lanka, for its part, expressed support even before
A figure equivalent to 70% of GDP was denominated in foreign currency.According to the presentation by the Ministry of Finance and the
Japan at 19.5% and India at 12%.The Sri Lankan officials also pushed for the formation of an ad-hoc coordination group to expedite the
process of obtaining financing assurances from multiple creditors
They explained that such a group would allow official bilateral creditors to give such assurances to the IMF collectively, after discussing
the matter among themselves.The Japanese Embassy in Colombo agreed that it is essential for all creditors to come to the table for debt
restructuring discussions to ensure that the process is transparent and fair
sidelines of the United Nations General Assembly last week, Sri Lankan Foreign Minister Ali Sabry met his Chinese counterpart, Wang Yi, who
This article first appeared/also appeared in https://adaderana.lk
