COLOMBO: Sri Lanka signed a deal with creditor nations to restructure about US$5.8 billion in bilateral debt, the office of the country’s president said on Wednesday (Jun 26), in a move that would help stabilise its crisis-hit economy.
Officials from the cash-strapped South Asian nation signed the agreement in Paris with the Official Creditor Committee (OCC), which is co-chaired by Japan, India, and France.
“This agreement grants significant debt relief, allowing Sri Lanka to allocate funds to essential public services & secure concessional financing for its development needs,” the president’s media office said in a statement.
Sri Lanka is also in the process of signing separate bilateral agreements with China EXIM Bank to restructure US$4.2 billion of debt, State Minister of Finance Shehan Semasinghe said on social media platform X.
Source link : https://www.channelnewsasia.com/asia/sri-lanka-signs-debt-deal-creditor-nations-paris-4437466
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Publish date : 2024-06-26 05:14:00
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