Sri Lanka aims to announce a debt-restructuring method in April and step up talks with commercial lenders ahead of an International Monetary Fund evaluation of a bailout package in 6 months, the nations reserve bank guv told Reuters on Thursday.The crisis-hit island has protected funding guarantees from all its significant bilateral financial institutions, consisting of India and China, and so had set the phase for the IMF to give its last approval for a $2.9 billion, four-year bailout package on March 20, the multilateral lending institution stated on Tuesday.The bailout is the conclusion of months of settlements as Sri Lanka looks to emerge from its worst economic crisis in more than seven years.
When you see the staff level agreement published - that will contain our dedication to debt restructuring and that will also reveal medium-term financial obligation targets for us to restore debt sustainability on a long-lasting basis, central bank Governor Dr.
P.
Nandalal Weerasinghe said.
So somewhere in April we will reveal ...
how we are going to fulfill those medium-to-long-term (financial obligation) targets.
That is the next step .
Weerasinghe said the country would accelerate negotiations with industrial creditors and announce the financial obligation restructuring strategy in consultation with them, prior to finalising the financial obligation restructuring terms.
We are trying to settle this in about the next 6 months time, so prior to the next (IMF) evaluation will be finished, he said.Source: Reuters-Agencies
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