The International Monetary Fund welcomed on Monday last weeks announcement of an agreement in principle between Sri Lanka and a group of its international bondholders to restructure $12.5 billion in bonds, the fund said, adding it looks forward to working with newly elected president Anura Kumara Dissanayake.We look forward to working together with President Dissanayake and his team towards building on the hard-won gains that have helped put Sri Lanka on a path to economic recovery, a spokesperson for the fund said via email.The fund said it will discuss the timing of its third review of the current program with Sri Lanka as soon as practicable.Full Statement by the IMF Spokesman: We look forward to working together with President Dissanayake and his team towards building on the hard-won gains that have helped put Sri Lanka on a path to economic recovery since entering one of its worst economic crises in 2022.We welcome the announcement of an agreement in principle between Sri Lanka and international bondholders representatives, subject to confirmation on comparability of treatment by Sri Lankas Official Creditors Committee.
This represents significant progress in Sri Lankas debt restructuring process. We will discuss the timing of the third review of the IMF-supported program with the new administration as soon as practicable.--With agencies inputs