Reply To:
Name - Reply Comment
Last Updated : 2024-05-21 02:23:00
By Easwaran Rutnam
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.
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
The state-run loss-making State Mortgage & Investment Bank (SMIB) has reveale
US authorities are currently reviewing the manifest of every cargo aboard MV
On March 26, a couple arriving from Thailand was arrested with 88 live animal
According to villagers from Naula-Moragolla out of 105 families 80 can afford
20 May 2024 - 0 - 82
20 May 2024
20 May 2024
18 May 2024