U.S. envoy highlights need for fairness in Sri Lanka’s debt restructuring
October 25, 2023 03:38 pm
The United States has underscored that equal and equitable treatment for all creditors of Sri Lanka is essential in the debt restructuring process.
Ambassador of the United States, Julie Chung stated this during a meeting with Governor of Central Bank of Sri Lanka (CBSL) Dr. Nandalal Weerasinghe today (Oct. 25).
She highlighted the need for fairness in the debt restructuring process and pointed out that transparency from every party involved is crucial.
Chung reassured that the U.S. remains committed to an economic landscape that values fairness, transparency, integrity and inclusivity, ensuring stability and growth in Sri Lanka.
The ambassador congratulated the CBSL chief on reaching a staff-level agreement with the International Monetary Fund (IMF) earlier this month on economic policies to conclude the first review of the 48-month Extended Fund Facility (EFF)-supported program.
Accordingly, Sri Lanka will have access to SDR 254 million (approximately USD 330 million) in financing once the review is approved by IMF Management and IMF Executive Board.
