Sri Lanka to brief creditors on IMF deal for economic recovery

 

The Sri Lankan government will virtually brief all its external creditors on September 23 on the deal agreed with the International Monetary Fund (IMF) for the economic recovery and the next steps in the debt restructuring process. 

On September 1, the IMF reached a staff-level agreement to support Sri Lanka’s economic policies with a 48-month arrangement under the Extended Fund Facility (EFF) of about USD 2.9 billion. 

“Sri Lanka will make an online presentation to external creditors on September 23 updating them on a deal agreed with the International Monetary Fund and recent economic developments,” Clifford Chance, the debt restructuring adviser, said in a statement on Saturday. 

The Sri Lankan Finance Ministry will update creditors on recent macro-economic developments, the objectives of the IMF package, and the next steps in the debt restructuring process. In mid-April, Sri Lanka declared its international debt default due to the forex crisis. 

Sri Lanka has to get assurances from creditors about their willingness to restructure debt for the International Monetary Fund to unlock credit from the agency and others.