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France in talks with creditors

16 December 2022 10:31 am - 3     - {{hitsCtrl.values.hits}}

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France, which is part of the Paris Club, is in talks with Sri Lanka’s creditors in an attempt to ensure a solution is reached for the financial crisis sooner than later.

The newly appointed French Ambassador to Sri Lanka, Jean-François Pactet, told a select group of journalists last evening, that an immediate solution will be in the best interest of everyone, including Sri Lanka.

Pactet said that loans from France to Sri Lanka were placed on standby owing to Sri Lanka defaulting on its foreign debt. However, the envoy asserted that the loans will resume once the crisis in Sri Lanka is resolved. He said the Paris Club has been working proactively since last August and is even today on the Sri Lankan issue. “The Paris Club has been sharing information proactively with other creditors,” Jean-François Pactet said.

It was reported recently that the Paris Club creditor nations are proposing a 10-year moratorium on Sri Lankan debt and another 15 years of debt restructuring as a formula to resolve the current financial crisis in the island nation

“We are not waiting for the creditors to come to a position and share that position. We are reaching out intensively to other creditors in order to come to a solution as soon as possible,” Pactet told Daily Mirror in response to a question.

The Ambassador added that France is continuing to provide grants to Sri Lanka in the interim period.

The grants are small but the Ambassador said it helps fund key areas in Sri Lanka.

Sri Lanka will miss the December deadline set by the International Monetary Fund (IMF) to secure board approval for financial assistance.

State Minister of Finance Shehan Semasinghe had said this week that Sri Lanka is working hard to complete the required process by early next year.(Easwaran Rutnam)


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  • Marcus in France Friday, 16 December 2022 02:12 PM

    France please insist on solving the racial crisis. Give advise on how your country has set up sections to solve ethnicity.

    T Perera Sunday, 18 December 2022 03:25 AM

    Let's first sort what's gripping ALL Sri Lankans right now shall we? Your individual grievance could be addressed thereafter. Racism exists everywhere. Repeat, everywhere. Yes needs to be remedied. But right now Lankans are dying of hunger. No race involved

    Antonio Friday, 16 December 2022 10:52 PM

    @Marcus in France , just bugger off. You know nothing about France or Europe , your stupid question shows. France has never been able to solve the continuous ethnic crisis suffered by immigrants from the former colonies of Morocco, Algeria , and Black Africa. Every Sri Lankan who lives in Europe or North America knows about it unless you left Sri Lanka in your middle age.


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