India's response to Sri Lanka’s request for debt restructuring expected by January end: Ranil Wickremesinghe
The Hindu
Sri Lanka had begun debt restructuring talks with its creditors since September last year as warranted by its agreement with the IMF for the $2.9 billion facility over four years.
President Ranil Wickremesinghe has said that India's response to cash-strapped Sri Lanka’s request for debt restructuring is expected by the end of this month.
Sri Lanka, which is trying to secure a $2.9 billion bridge loan from the International Monetary Fund (IMF), has been trying to to get financial assurances from its major creditors — China, Japan and India — which is the requisite for Colombo to get the bailout package.
Talking to the media, Mr. Wickremesinghe on January 6 also said that he is hopeful of obtaining the $2.9 billion IMF facility in the first quarter of this year.
Sri Lanka had begun debt restructuring talks with its creditors since September last year as warranted by its agreement with the IMF for the $2.9 billion facility over four years.
Sri Lanka awaiting assurances from India, China, says Central Bank Governor
The cash-strapped country began negotiating with the IMF for a bail-out after having announced its first-ever sovereign debt default in April last year. Mr. Wickremesinghe had earlier said that India and Sri Lanka held "successful" talks on debt restructuring and the country will also begin discussions with China.
The IMF bailout has been put on a halt as Sri Lanka pursues talks with creditors to meet the global lender's condition for the facility. Mr. Wickremesinghe said Sri Lanka was only looking from China to extend the period of repayment of Chinese loans over a period of 20 years and Sri Lanka did not ask China to slash its debt.
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