INSUBCONTINENT EXCLUSIVE:
The United States has welcomed the in-principle agreement reached between Sri Lanka and the Official Creditor Committee (OCC) on specific
program.Taking to X (formerly Twitter), the US Ambassador in Colombo, Julie Chung said this agreement supports a viable path to economic
stability for Sri Lanka.Chung emphasized that the agreement on debt restructuring and sound economic policies are crucial for the timely
economic stabilization, recovery, and the improvement of public services, benefiting the people of Sri Lanka.The ambassador reiterated that
confirmed the in-principle agreement the two sides have reached for debt treatment.In its statement, the OCC has commended the Sri Lankan
It is co-chaired by India, Japan and France (as the chair of the Paris Club)
Since its formation, the OCC has engaged extensively with the Sri Lankan authorities, the IMF, the World Bank as well as China, and Sri
outstanding debt and consists of a mix of long-term maturity extension and reduction in interest rates.The IMF on Thursday (Nov.30) said the
agreement will pave the way for its Executive Board to consider clearing the first review of the four-year Extended Fund Facility (EFF)
Executive Board taking up this review by mid-December and the continuation of our productive collaboration with Sri Lanka in the period
Lanka plunged into its worst financial crisis in seven decades last year after its foreign exchange reserves dwindled to record lows.But
since locking down the IMF bailout of $2.9 billion in March, the South Asian island nation has managed to partly stabilize its economy,
bring down runaway inflation and rebuild currency reserves.After receiving the IMF money, Sri Lanka stands to receive further funding from
the Asian Development Bank (ADB) and the World Bank, bringing the total amount to around USD 900 million.
