Sri Lanka Secures Debt Deal for IMF Tranche

On 29th November, 2023, Sri Lanka reached an "agreement in principle" with India and the Paris Club, including Japan, paving the way for accessing the next tranche of the nearly-$3 billion International Monetary Fund (IMF) recovery package.

  • The Official Creditor Committee (OCC) and Sri Lanka have agreed on the main parameters of a debt treatment aligned with the Extended Fund Facility (EFF) arrangement with the IMF.
  • Last year, during a severe economic crisis, Sri Lanka defaulted on its nearly $51 billion foreign debt, necessitating a comprehensive restructuring to initiate an IMF-backed economic recovery program.
  • The OCC, formed in May ....
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