INSUBCONTINENT EXCLUSIVE:
The Executive Board of the International Monetary Fund (IMF) is set to take up for consideration the first review of the 48-month Extended
criterion, request for modification of performance criteria, financing assurances review, and rephasing of access are scheduled to go for
consideration that day.Sri 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 USD 2.9 billion in March, the South Asian island nation has managed to
partly stabilise its economy, bring down runaway inflation and rebuild currency reserves.An IMF mission visited the island nation from
September 14-27 for the first review of the EFF-supported economic adjustment program.In October, IMF and Sri Lanka reached a staff-level
This will bring the total IMF financial support disbursed under the arrangement about USD 660 million.Sri Lanka has now reached in-principle
deals with the Export-Import (Exim) Bank of China, its largest bilateral creditor, and the Official Creditor Committee to restructure its
debts.On November 29, the Sri Lankan government and the Official Creditor Committee (OCC) revealed that they have reached an agreement in
principle on the financial terms of debt treatment
The in-principle deal covers approximately USD 5.9 billion of outstanding public debt and consists of a mix of long-term maturity extension
and reduction in interest rates.Following the launch of a common platform in April 2023 for talks among bilateral creditors to coordinate
Since its formation, the OCC has engaged extensively with the Sri Lankan authorities, the IMF, the World Bank as well as China, and Sri
