CCC welcomes successful IMF and OCC agreement progress
View(s):The Ceylon Chamber of Commerce (CCC) lauded the Government of Sri Lanka for completing consultations with the Official Creditor Committee (OCC) and the International Monetary Fund (IMF) about the Agreement in Principle (AIP) reached with international and local holders of International Sovereign Bonds (ISBs).
“This marks significant progress towards achieving external debt restructuring and is aligned with the priority out of the ten key areas the Chamber highlighted in its recommendations to the new administration. We acknowledge the contributions of the Government, the Governor of the Central Bank, the Secretary to the Treasury, and all relevant stakeholders who played an essential role in this achievement,” a media release by the CCC said.
The steadfast commitment to aligning with the Comparability of Treatment (CoT) principle has been crucial in advancing Sri Lanka’s broader economic reform agenda. “We are appreciative of the quick response of the OCC countries and IMF in this regard.” the release added.
The completion of the OCC and IMF consultation process is a positive indicator for ensuring successful future reviews and disbursements under the IMF’s Extended Fund Facility (EFF) arrangement, which will be essential in the country’s journey towards fiscal stability and economic transformation.” the CCC further said.
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