High level meeting on Sri Lanka’s debt issues, Nirmala Sitharaman reiterated India’s full support
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IMF-WB Meeting: Finance Minister Nirmala Sitharaman attended a high-level meeting on Sri Lanka’s debt issues. In the meeting, he also expressed India’s commitment to extend full support to the troubled country Sri Lanka to get out of the economic crisis. Nirmala Sitharaman said that cooperation among creditors is important to ensure transparency and equality in dealing with all creditors in debt restructuring discussions. The meeting took place on Thursday on the sidelines of the annual spring meetings of the International Monetary Fund and the World Bank.
The President of Sri Lanka attended the meeting through virtual means
An official statement said that apart from Japanese Finance Minister Suzuki Shunichi, Sri Lankan Minister of State for Finance Shehan Semasinghe and Emmanuel Moulin, French officials were also present in the meeting. Sri Lankan President Ranil Wickremesinghe participated in it through virtual medium. In this meeting, the ministers announced the launch of the debt restructuring negotiation process on Sri Lanka under the three co-chairs India, Japan and France for the coordinated debt restructuring of Sri Lanka.
These three countries are working for Sri Lanka’s debt restructuring
Earlier, on Tuesday, the IMF said in a briefing that Japan-India and France would hold a press conference on Thursday at the end of the spring meeting. In this, it will be announced to start the debt restructuring process of Sri Lanka. The statement said that the three countries are working together for a debt restructuring for Sri Lanka. Made a condition for giving US $ 2.9 billion bail out for Sri Lanka’s debt restructuring. The Executive Board of the IMF has approved three billion US dollars under the EFF scheme to Sri Lanka for 48 months after assurances from the three countries. Sri Lanka has already received the first installment of the three billion dollar bailout program. President Wickremesinghe and Finance Minister Semasinghe involved in IMF talks have thanked India and Finance Minister Sitharaman for the bailout program. The 17th IMF bailout was approved for Colombo after long meetings.
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