Thu, 22 Feb 2024 Today's Paper

Sri Lanka and Paris Club official creditors reach preliminary debt deal

29 November 2023 03:35 pm - 3     - {{hitsCtrl.values.hits}}

A A A

Sri Lanka and the country’s Official Creditor Committee (OCC) co-chaired by India, Japan and France as the Chair of the Paris Club have agreed on a debt restructuring deal, a statement issued by the Paris Club Secretariat said.

“The OCC and Sri Lanka agreed on the main parameters of a debt treatment consistent with those of the Extended Fund Facility (EFF) arrangement between Sri Lanka and the IMF,” the statement said.

“This agreement will allow the IMF staff to present to the IMF Executive Board the first review of Sri Lanka’s EFF arrangement and open the way for approval of the second disbursement under the arrangement,” it added.

 

“The OCC stands ready and looks forward to formalizing this agreement in the coming weeks in a Memorandum of Understanding with the Sri Lankan authorities,” if further said. 

The OCC expects other bilateral creditors to consent to sharing, in a transparent manner, the information necessary for tthem to evaluate comparability of treatment regarding their own bilateral agreement. 

The Sri Lankan government in October said it reached an  agreement with the Exim Bank of China on key terms and principles for restructuring its debt worth US $ 4.2 billion. 

The OCC also expects the Sri Lankan authorities to continue to engage with their private creditors to find as soon as possible an agreement on terms at least as favourable as the terms offered by the OCC.


Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

  Comments - 3

Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka
  • Raven Wednesday, 29 November 2023 04:48 PM

    Well done Ranil, you have one last lap to go. We are with you.

    Dave Anton Thursday, 30 November 2023 07:47 AM

    This is a golden opportunity for individual to give loan to the bankrupt state of Sri Lanka on a high interest rate. If you give $1M, you will get $2M back in 12 months or loose your $1M. Double up on nothing.

    Buddhist Thursday, 30 November 2023 08:28 AM

    Ranil has failed again as he has not been able to negotiate a haircut of the capital. With the budget proposed new debt, the taxes will have to be further increased to service debt.


Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment





Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

Human lives at stake… When protectors of the law become predators

On Thursday (January 18), a sub-inspector attached to the Narammala Police St

Research on sex work during Lankan civil war: Sex workers and their faint cries to access basic rights

A broken pair of rubber slippers kept on a display caught this writer’s eye

Newlywed Sri Lankans forced to remain childless

The ongoing economic crisis in the country is not only impacting the availabi

Paramedics and docs in tug of war over raise in DAT allowance

On Tuesday (January 9), staffers in the paramedic services launched an unanno