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Wednesday, July 17, 2024

India Congratulate SL on Successful debt Restructuring

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Following Sri Lanka signing of a Memorandum of Understanding (MoU) on debt restructuring by the Official Creditors Committee (OCC), India extended its well wishes, saying that the country remains supporting Sri Lanka in the future initiatives as well.

The OCC, formed following the approval of the Extended Fund Facility (EFF Programme) by the IMF in March 2023, convened multiple rounds of negotiations to reach this agreement. The MoU, signed today after extensive engagements, outlines the framework for restructuring Sri Lanka’s debt.

“India remains steadfast in supporting Sri Lanka’s economic recovery, including through initiatives aimed at fostering long-term investments in key economic sectors,” Indian High Commission in Sri Lanka said in a statement.

India, alongside France and Japan as Co-Chairs of the OCC, played a pivotal role in these negotiations. India’s commitment to Sri Lanka’s economic stabilization and growth was highlighted by its substantial financial support of USD 4 billion, marking it as the first creditor nation to provide financing assurances to the IMF, which facilitated Sri Lanka’s access to the IMF programme, the high commission said.

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