Sri Lanka requires an expeditious debt resolution - IMF Deputy Chief

by Zulfick Farzan 14-04-2023 | 5:04 AM

COLOMBO (News 1st); An expeditious debt resolution is fast needed for Sri Lanka to emerge as quickly as possible from the economic crisis, said Kenji Okamura, the Deputy Managing Director of the IMF.

He was speaking at the launch of the Debt Restructuring Negotiation Process on Sri Lanka by India, Japan, and France.

"The launch of these negotiations is a good sign for efforts to restore the debt sustainability. Sri Lanka remains in a deep debt crisis. An expeditious debt resolution is fast needed for Sri Lanka to emerge as quickly as possible from this crisis," he said.

Kenji Okamura, the Deputy Managing Director of the IMF, went on to note that creditor support is indispensable for restoring debt sustainability.
"Debt sustainability is a key prerequisite to continue IMF financing," he said.

He said that the coordinated platform by the creditor nations, namely India, Japan, and France helps ensure comparability of treatment.

"We hope all official bilateral creditors can participate in the negotiation and can progress swiftly to complete them by the 1st program review. The fund supports the positive momentum and will support the debt restructuring process," he added.