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IMF expects Sri Lanka to reach private creditor deal by next review

The International Monetary Fund (IMF) anticipates that Sri Lanka will secure an agreement with its commercial creditors, including bondholders and the China Development Bank, ahead of the next review, as stated by Senior Mission Chief Peter Breuer. The IMF emphasizes the urgency of this agreement as a precondition for IMF lending, citing the need for a clear path towards restoring Sri Lanka's debt sustainability. Despite reports of slow progress and dissatisfaction from bondholders regarding the pace and substance of negotiations, the IMF recognizes the complexity of Sri Lanka's debt restructuring, involving multiple creditors and processes. The country's financial difficulties have been attributed to its monetary policies and foreign exchange shortages, leading to the necessity of restructuring both external and domestic debts. The IMF's approach advocates for sequential negotiations due to the intricate nature of the creditor landscape and limited capacity for simultaneous processes, with the focus shifting to the third major block of creditors as the agreements with the first two blocks near completion.

 

https://economynext.com/imf-expects-sri-lanka-to-reach-private-creditor-deal-by-next-review-148056/

Economy Next
2024-01-20