Saturday, 02 December 2023 07:52

IMF welcomes agreement reached between SL and OCC on Debt Treatment Featured

IMF welcomes agreement reached between SL and OCC on Debt Treatment

“The International Monetary Fund (IMF) welcomed the agreement-in principle between the Sri Lankan authorities and their official creditors represented by the Official Creditor Committee on a debt treatment, consistent with the objectives of the IMF-supported program.

This agreement-in-principle follows the earlier announcement of an agreement-in-principle between the Export-Import Bank of China and Sri Lanka.

These understandings pave the way for the IMF Executive Board to consider completion of the first review of Sri Lanka’s four-year Extended Fund Facility Arrangement Peter Breuer, IMF’s mission chief for Sri Lanka, disclosed in a statement

These understandings pave the way for the IMF Executive Board to consider completion of the first review of Sri Lanka’s four-year Extended Fund Facility Arrangement, he said 

The Government has announced that it has reached agreement in principle with its Official Creditor Committee (OCC) on the financial terms of a debt treatment.

The agreement in principle covers approximately US$ 5.9bn of outstanding public debt and consists in a mix of long-term maturity extension and a reduction in interest rates.

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