Friday, 29 September 2023 13:50

Some creditors request to restructure Sri Lanka’s debt without China Featured

Some members on the committee of Sri Lanka’s official creditors are pushing to reach a deal to restructure the nation’s debt without the participation of China, informed sourcesaid.

The members want the group of major creditors, including the US, Japan and India, to sign a memorandum of understanding with Sri Lanka around the time of the International Monetary Fund and World Bank meetings scheduled for next month in Marrakesh, Morocco.

China, held about 10% of Sri Lanka’s external debt as of the end of last year, isn’t a part of the group and is pursuing separate bilateral talks, oficials s aid.

Before the Marrakesh gathering, key debt holders excluding China are planning on putting together the draft outline and getting Sri Lanka’s consent, they said, adding that some discord remains within the group.

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