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Sri Lanka hopeful of completing debt restructuring in six months, says cenbank chief

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Sri Lanka is committed to meeting all its debt repayments and is hoping to complete debt restructuring negotiations in the next six months, the country's central bank chief P. Nandalal Weerasinghe said on Tuesday.

"There has been good progress this month with India already pledging financing assurances. We expect assurances from China and Japan soon," Weerasinghe said at an event titled "Economic Outlook 2023".

Sri Lanka is racing to secure a $2.9 billion bailout from the International Monetary Fund but requires the backing of both China and India, its biggest bilateral creditors, to reach a final agreement with the global lender."Once the IMF program is unlocked then we will start specific debt restructuring negotiations with both commercial and bilateral lenders," the head of the apex bank said.

Weerasinghe added that good progress has been made in negotiations with the Paris Club creditor nations and other creditors.

 

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