COLOMBO/MARRAKECH, Oct 12 - Sri Lanka said on Thursday it reached an agreement with the Export-Import Bank of China covering about $4.2 billion of outstanding debt, while talks with other official creditors stall.
The EXIM deal will help Sri Lanka in getting past the first review of an International Monetary Fund program, and securing a second IMF tranche of about $334 million, its finance ministry said in a statement. It gave no further details.A debt rework between Sri Lanka and countries including Japan, India and France was also expected this week, but news of the EXIM deal took them by surprise. The three nations request comparability of debt treatment with China.
A senior Japanese official had said on Wednesday that creditors were struggling to reach consensus and finding an agreement during this week's IMF and World Bank meetings could be difficult. Sri Lanka started negotiating with creditors including China, Japan and India last September, parallel to moving forward on a $2.9 billion IMF bailout.
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