Sri Lanka to appoint advisors on debt restructuring

People wait on the platform at a railway station in Colombo, Sri Lanka, March 31, 2022. (TANG LU / XINHUA)

COLOMBO – Sri Lanka will appoint advisors to help with its debt restructuring in the next 20 days, Finance Minister Ali Sabry has said.

The minister told local media on Saturday from Washington via video link that restructuring the country's unsustainable external debt is a major condition to obtain financial assistance from the International Monetary Fund (IMF).

Sabry said that the discussions he started with IMF officials in Washington would end on Sunday, and that there are a lot more discussions to be held ahead.

Meanwhile, IMF's mission chief for Sri Lanka Masahiro Nozaki on Saturday welcomed Sri Lanka's planned negotiations with creditors.

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"The IMF team welcomed the authorities' plan to engage in a collaborative dialogue with their creditors," he said.