May 10, 2023
2 mins read

IMF staff team due in Lanka

On Tuesday, Sri Lanka had requested 17 countries which had formally formed an official creditor committee for debt treatment…reports Susitha Fernando

An IMF staff team comprising Krishna Srinivasan, Director of the Asia and Pacific Department is to visit Sri Lanka from May 11 to 23.

Visiting as part of regular consultations ahead of the first review mission later this year, the team also comprised of Peter Breuer, Senior Mission Chief for Sri Lanka, Asia and Pacific Department, IMF and Sarwat Jahan, IMF Resident Representative in Sri Lanka.

Meanwhile, on Tuesday, Sri Lanka had requested 17 countries which had formally formed an official creditor committee for debt treatment.

Co-chaired by India, Japan and France, the committee includes Paris Club creditors and other official bilateral creditors.

“This first meeting occurred after the successful launch of the debt restructuring process for Sri Lanka led by the co-chairs on April 13,” the Paris Club said in a statement.

“The Sri Lankan authorities attended the meeting and formally presented their request for debt treatment. They reiterated their commitment to transparency and comparability of treatment towards their official bilateral creditors. The IMF and World Bank representatives presented the latest macroeconomic developments regarding Sri Lanka and the current status of their relationship with the country,” the Paris Club stated.

“The creditor committee takes note of the open letter addressed by the President of Sri Lanka to all its official bilateral creditors on March 14, 2023 assuring transparency and comparability of treatment for all external creditors and ensuring that no side arrangements inconsistent with comparability of treatment will be made with any creditor. The committee welcomes passage of the resolution for implementation of the IMF-supported programme by the Sri Lankan Parliament on April 28,” the Paris Club added.

The creditor committee for Sri Lanka had given an undertaking to pursue its work to find an appropriate solution to Sri Lanka’s external debt vulnerabilities, consistent with the parameters of the IMF programme.

It stresses the importance for private creditors and other official bilateral creditors of Sri Lanka to provide a debt treatment on terms at least as favourable as the ones agreed by this creditor committee, in line with the comparability of the treatment principle.

It reiterates its invitation to other bilateral official creditors to formally join the creditor committee.

Sri Lanka’s biggest bilateral lender, China and Paris Club members with no eligible claims, Saudi Arabia and Iran attended the meeting as observers, while the representatives of the IMF and the World Bank Group also attended the meeting as well.

Going through the worst ever economic crisis since Independence, the IMF has approved a $2.9 billion Extended Fund Facility (EFF) for the Indian ocean island nation to help come out of the crisis.

ALSO READ: Pakistan: Rush to break IMF deadlock before fiscal budget

Previous Story

Tehran, Moscow cement economic ties

Next Story

Exit polls predict Cong win in Karnataka

Latest from -Top News

Singapore’s Ruling Party Achieves Landslide Victory

Prime Minister Lawrence Wong, whose party won the election, thanked supporters.,..reports Asian Lite News Singapore’s ruling People’s Action Party (PAP) won 87 of the 97 seats in Parliament in Saturday’s general election,

Jaishankar, Lavrov Discuss Pahalgam Terror Attack

Both the Ministers discussed issues of Russian-Indian cooperation and the aggravation of India-Pakistan relations following the terrorist attack in Pahalgam. External Affairs Minister (EAM) S. Jaishankar spoke to the Russian Foreign Minister

Ukrainian forces to join VE  procession  

Ukrainian personnel will join around 1,000 UK armed forces members, including soldiers on horseback and military bands, to symbolise “the global support for their continued fight for freedom” against Russia  krainian armed

Rajnath Singh to skip Russia visit

The decision comes amid rising tensions between India and Pakistan following the recent terror attack in Pahalgam, Jammu and Kashmir…reports Asian Lite News Defence Minister Rajnath Singh will not likely attend Russia’s

WAVES 2025: Jaishankar Advocates Cultural Pluralism

External Affairs Minister S. Jaishankar delivered a powerful address at the WAVES 2025 Global Media Dialogue, highlighting the significance of cultural pluralism in shaping global change. Speaking on the second day of
Go toTop

Don't Miss

IMF projects 6.6% growth for B’desh

The International Monetary Fund (IMF) has forecasted a 6.6 per

Will IMF loans to Pakistan continue after cut in fuel prices?

The IMF agreement binds Islamabad to charge a levy of