Sri Lanka closer to IMF bailout as India said to back debt plan

News

(Bloomberg) Sri Lanka’s debt negotiations with China and India “are successful,” according to President Ranil Wickremesinghe, bringing the bankrupt nation closer to clearing a major hurdle to unlock $2.9 billion from the International Monetary Fund.

The nation’s president, who doubles as finance minister, spoke before the parliament Tuesday, without providing details. Before that, a person with knowledge of the matter told Bloomberg News that India formally notified that it would support Sri Lanka’s debt restructuring plan late Monday.

Sri Lanka still needs similar assurances from China, Japan and so-called Paris Club members before the IMF board can approve the loan program. Sri Lanka concluded debt restructuring talks with Japan, Wickremesinghe said last week, without sharing details.

A delegation from China is scheduled to be in Sri Lanka through Jan. 18 and Indian Foreign Minister S. Jaishankar is expected to visit from Jan. 19 ahead of the island nation celebrating 75 years of Independence from British rule on Feb. 4. (Bloomberg)

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