Talks between IMF and SL to resume this month

6 months ago

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Prez says hoping to expedite staff-level negotiations
Adds finalisation of debt restructuring plan commenced
Plan to be submitted to IMF, negotiations with creditors to begin afterwards

By Imsha Iqbal Crisis-stricken Sri Lanka is to recommence discussions with the International Monetary Fund (IMF) on a financial programme by this month, stated President Ranil Wickremesinghe yesterday (3). He made this statement during his speech in the third session of the ninth Parliament. Wickremesighe said: “It is our expectation to conclude the staff-level negotiations expeditiously and successfully.” He further said during his speech that the finalisation of the debt restructuring plan has commenced in collaboration with Lazard Ltd. and Clifford Chance LLP, the international financial and legal advisory firms hired by the Sri Lankan Government. In June, the representatives from Lazard Ltd. and Clifford Chance LLP arrived in the country following the approval of the Attorney General’s (AG) Department. Wickremesinghe further said: “We would submit this plan to the International Monetary Fund in the near future, and negotiate with the countries who provided loan assistance.” Subsequently, the Government of Sri Lanka is to negotiate with private creditors which would begin to arrive at a consensus, he said. During the weekly Cabinet briefing held on Monday (1), Cabinet Spokesman Minister Bandula Gunawardena said that Sri Lanka also looks forward to recruiting specialist teams per the recommendations of the Government’s legal and financial advisors for the debt restructuring process.