IMF rests hopes on Sri Lanka debt restructure

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The International Monetary Fund (IMF) has expressed the hope of Sri Lanka obtaining consent of creditors specially, Japan, India and China for debt restructure as the country has been severely affected by an economic crisis.

IMF Managing Director, Kristalina Georgieva briefly mentioned the issue in Sri Lanka during a recent discussion with Centre for Global Development President, Masood Ahmed.

“So, on Sri Lanka, there are three large creditors, Japan, India, China. We are very hopeful to see an engagement from the public side that comes quickly. And then, of course, looking at all the parameters, bringing the private sector on board,” Ms. Georgieva said.

An IMF delegation and the Sri Lankan authorities recently reached a staff-level agreement to support Sri Lanka’s economic policies with a 48-month arrangement under the Extended Fund Facility (EFF) of about US$2.9 billion, which needs IMF board approval for its implementation. (BS)

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