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Sri Lanka to announce debt restructuring plan to creditors – Times of India

COLOMBO: Sri Lanka’s seven authorities held formal talks with international creditors on Friday to begin the process of restructuring billions of dollars in debt and plans to address the island’s worst economic crisis in more than 70 years. share.
A successful restructuring process is critical for the country of 22 million to receive final approval for $2.9 billion in loans from the United States. International Monetary Fund Subsequent funding from other global institutions.
The funds will help the island nation overcome severe shortages of food and fuel. Gotabaya Rajapaksa.
Sri LankaTreasury and other officials will hold virtual interactive sessions to share the objectives of the loan package agreed with the IMF on September 1 and next steps in the debt restructuring process.
A presentation to creditors will be made public after the event. The government has already held preliminary restructuring talks with neighboring India and India-based diplomats. colombo.
“There has been a very positive response from the meeting with the ambassadors chaired by the president on Thursday,” said an official at the president’s office, who requested anonymity.
“Sri Lanka is focused on reaching an IMF deal by December or early next year.”
Sri Lanka’s latest figures show foreign currency debt of $47.3 billion and local currency debt of $53.6 billion at the end of 2021. Ministry of Finance In August. China, Japan and India are its top bilateral creditors.
Foreign currency debt includes $13 billion of international sovereign debt held primarily by private creditors such as asset managers. black rock When Ashmore.

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