Business

Debt restructuring by Q2

Sri Lanka aims to finalise debt restructuring talks with international creditors by the second quarter of 2023, as it looks for early assurances from lenders to help unlock a $ 2.9 billion loan from the International Monetary Fund (IMF). 

Sri Lanka started formal talks on 23 September as it sought IMF board approval for the loan in December or January, local authorities said in a virtual presentation.

“The most effective way to obtain the financing assurances quickly is the creation of an ad hoc bilateral creditor coordination platform allowing the official bilateral creditors to give their financing assurances to the IMF collectively after having debated among themselves,” the authorities said.