March 10, 2023 12:08 PM

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Sri Lanka to announce debt restructuring strategy in April

<span style="color: #222222;">Governor of Central Bank of Sri Lanka has said that the island aims to announce a debt-restructuring strategy next month and step up talks with commercial creditors within next six months.<br />''<br />''Agency sources quoted the Governor that Sri Lanka will announce steps to meet medium to long-term debt targets in April.<br />''<br />''Dr. Weerasinghe expressed hope that the terms with commercial creditors would be finalised within next six months which will be in time before the next IMF review.<br />''<br />''The crisis-hit island has secured financing assurances from all its major bilateral creditors, including India and China. India was the first creditor nation to extend financing assurances in January this year.<br />''<br />''China was under severe criticism as it was seen to delay similar assurances and appeared to be the only hurdle for obtaining IMF loan of 2.9 billion dollars.<br />''<br />''The executive board of IMF will consider the Sri Lanka's extended fund facility on 20th of March.<br />''<br />''The bailout is the culmination of months of negotiations as Sri Lanka looks to emerge from its worst economic crisis in more than seven decades.</span><br />

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