Sri Lanka has reached a preliminary debt restructuring deal with national creditors including India, Japan and France, paving the way for the bankrupt country to revive a stalled IMF loan programme after it secured a similar pact with China last month.
The Paris Club, which represents creditor nations, said in a statement that Sri Lanka had agreed “in principle” to restructure the debt it owed its non-Chinese bilateral lenders.
This will help the country, which defaulted on its debts last year, to secure the next tranche of a $3bn IMF lending package agreed in March that has been stalled since September because of disagreements among lenders. The next disbursement is awaiting approval by the IMF’s executive board.
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