IMF urges swift action on debt restructuring

• IMF Communications Director Julie Kozack says satisfactory program performance
• Highlights importance next steps – negotiations with external commercial creditors, implementing agreements with official creditors
• Describes ongoing mission in town as staff visit, serving as fact-finding or technical mission

The International Monetary Fund (IMF) wants Sri Lanka to conclude the negotiations with external commercial creditors and implement agreements with official creditors. 

“The next steps on the debt restructuring are to conclude the negotiations with external commercial creditors and to implement agreements with official creditors,” IMF Communications Director Julie Kozack said on Thursday.

A team of IMF officials is also in Sri Lanka to discuss the Fund program, Kozack announced. 

“Our Executive Board approved the first review of the program on 12 December 2023 with a disbursement of $ 337 million. Program performance has been satisfactory, as signalled by the completion of the review. And the next steps are the mission that is currently on the ground right now. This mission is a staff visit. It is kind of a fact finding or technical mission. The goal of this mission is to discuss recent developments and to follow up on program targets and commitments,” she added.

Kozack said the mission for the next program review will take place later and the next steps on the debt restructuring are to conclude the negotiations with external commercial creditors and to implement agreements with official creditors. 

She also said that the domestic debt operations for Sri Lanka have been largely completed.