The Government has announced that it will sign Memorandums of Understanding (MoUs) with the Paris Club and the Export-Import Bank of China (EXIM Bank) to restructure the country’s debt before the end of the International Monetary Fund (IMF) Executive Board meeting.
State Minister of Finance Shehan Semasinghe told the Daily News that Sri Lanka will make every effort to reach an agreement with the official creditor committee of the Paris Club and the Export-Import Bank of China on debt restructuring, and will sign the MoUs once an agreement is reached.
He emphasised that the IMF Board of Directors will promptly review Sri Lanka’s Extended Funding Facility (EFF)arrangements, and Sri Lanka is expected to sign the MoUs before that review.
The Minister stated that following this review, US$ 330 million in funds will be released to Sri Lanka by IMF. This amount represents the third installment of the extended loan programme provided to Sri Lanka by the IMF.
He also expressed confidence that the restructuring process with bilateral creditors will be completed very soon.
(dailynews.lk)
(This story, originally published by dailynews.lk has not been edited by SLM staff)
