US Treasury Secy assures support for Sri Lanka’s debt restructure: president’s office

ECONOMYNEXT – The United States will support restructuring Sri Lanka’s debt, extend financing assurances and engage with multilaterals, Sri Lanka’s president’s office said quoting the US Treasury Secretary.

A statement from the president’s media division (PMD) said Wednesday September 07 morning that the Treasury Secretary has said the US will support Sri Lanka’s debt restructuring programme, extend financing assurances consistent with Paris Club principles and engage with the World Bank, Asian Development Bank and US agencies.

Sri Lanka recently entered a staff level agreement with the International Monetary Fund (IMF) for an extended fund facility (EFF) of 2.9 billion US dollars to be distributed over a period of four years, subject to IMF board approval which in turn will depend on, among other conditions, a confirmed debt restructuring programme.

However, analysts say much will depend on China, as it has so far yet to fully commit to restructure its loans to the island nation.

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