Creditor cooperation a must for Sri Lanka IMF programme: Govt | World News,The Indian Express

At an online engagement with the creditors, the government on Friday said that assurances from bilateral creditors are required as a prerequisite to the IMF board adoption of the programme.

Saturday, Sep 24, 2022

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		HomeWorldCreditor cooperation a must for Sri Lanka IMF programme: Govt		

							
													Creditor cooperation a must for Sri Lanka IMF programme: Govt
													
														At an online engagement with the creditors, the government on Friday said that assurances from bilateral creditors are required as a prerequisite to the IMF board adoption of the programme.
															
					
											
						
														
								
									
										
											
																									
													
														By: PTI		
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	Colombo | September 24, 2022 1:58:30 pm														
													
															
													
												
												


		
		
			
				
			
		
		
			
				
			
		
		
			
				
			
		
		
			
			
			
		
	

											
											
														
														
														
													The IMF does not lend to countries whose debt is deemed unsustainable, requiring Sri Lanka to undertake an upfront comprehensive debt treatment. (File)The Sri Lankan government has said that cooperation from the island nation’s creditors would be key to gaining a much-needed bailout from the IMF for the bankrupt country.

On September 1, the International Monetary Fund (IMF) announced that it will provide Sri Lanka with a loan of about USD 2.9 billion over a four-year period to help the island nation overcome the unprecedented economic turmoil. The bailout package is expected to boost the country’s credit ratings and the confidence of international creditors and investors.

At an online engagement with the creditors, the government on Friday said that assurances from bilateral creditors are required as a prerequisite to the IMF board adoption of the programme. It is expected to materialise by mid-December.

The IMF does not lend to countries whose debt is deemed unsustainable, requiring Sri Lanka to undertake an upfront comprehensive debt treatment.

“In practice, this requires financing assurances to be given by the bilateral creditors, resulting in a sufficient level of comfort to the IMF that bilateral creditors will support Sri Lanka’s efforts to restore public debt sustainability,” the government said.

https://indianexpress.com/article/world/creditor-cooperation-a-must-for-sri-lanka-imf-programme-govt-8170124/

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