Paris Club reassures continued support to debt restructuring Sri Lanka

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ECONOMYNEXT – Paris Club has assured continued support to debt-crisis hit Sri Lanka to achieve debt sustainability in the island nation, State Finance Minister Shahen Semasinghe said.

Paris Club, the group of major creditor countries aiming to provide a sustainable way to tackle debt problems in debtor countries, has been actively engaging with Sri Lanka in the island nation’s debt restructuring process.

Sri Lanka has declared bankruptcy in April 2022 with sovereign debt default. Since then, President Ranil Wickremesimghe government has been in the process of debt restructuring. However, the process has been slower than expected.

State Finance Minister Semasinghe met William Roos, Co-Chairman Paris Club and Assistant Secretary for Multilateral Affairs, Trade and Development Policies Department, in the sideline of the IMF/World Bank Spring Meetings.

“We discussed the progress of negotiations with the Official Creditor Committee, as well with other stakeholders,” Semasinghe said in his X platform after the meeting.

“Paris Club reassured the continued support for Sri Lanka to achieve debt sustainability,”

Sri Lanka’s sovereign bondholders rejected a government proposal for a 30% haircut in the debt restructuring this week, but proposed an alternative based on the IMF programme. Sri Lanka has said it will continue the debt restructuring.

The island nation has already concluded the local and bilateral debt restructuring. (Colombo/April 20/2024)

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[[{“value”:” ECONOMYNEXT – Paris Club has assured continued support to debt-crisis hit Sri Lanka to achieve debt sustainability in the island nation, State Finance Minister…

[[{“value”:” ECONOMYNEXT – Paris Club has assured continued support to debt-crisis hit Sri Lanka to achieve debt sustainability in the island nation, State Finance Minister…