Governor of Central Bank of Sri Lanka has said that the island aims to announce a debt-restructuring strategy next month and step up talks with commercial creditors within next six months.
Agency sources quoted the Governor that Sri Lanka will announce steps to meet medium to long-term debt targets in April.
Dr. Weerasinghe expressed hope that the terms with commercial creditors would be finalised within next six months which will be in time before the next IMF review.
The crisis-hit island has secured financing assurances from all its major bilateral creditors, including India and China. India was the first creditor nation to extend financing assurances in January this year.
China was under severe criticism as it was seen to delay similar assurances and appeared to be the only hurdle for obtaining IMF loan of 2.9 billion dollars.
The executive board of IMF will consider the Sri Lanka’s extended fund facility on 20th of March.
The bailout is the culmination of months of negotiations as Sri Lanka looks to emerge from its worst economic crisis in more than seven decades.
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