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EXIM Bank of India General Manager Nirmit Ved (left) with Treasury Secretary Mahinda Siriwardana after signing the Lines of Credit
EXIM Bank of India Deputy General Manager Amith Kumar (left) with Treasury Secretary Mahinda Siriwardana after signing the Buyer’s Credit Agreements
The Government yesterday announced that it has signed Bilateral Amendatory Agreements with the Export-Import Bank (EXIM) of India, marking a significant milestone of the external debt restructuring process of Sri Lanka.
The agreements, which pertain to the restructuring of seven Lines of Credit and four Buyer’s Credit Facilities, amount to around $ 930.8 million. The signings took place on 25 March and 3 April, with the participation of senior officials from both countries.
Finance, Planning, and Economic Development Ministry Secretary Mahinda Siriwardana signed the agreements on behalf of the Government of Sri Lanka and EXIM Bank of India General Manager Nirmit Ved signed the Lines of Credit, while EXIM Bank of India Deputy General Manager Amith Kumar signed the Buyer’s Credit Agreements.
“The conclusion of the Bilateral Amendatory Agreements will certainly pave the way to developing further the deep and longstanding bilateral relationships between the Government of India and the Government of Sri Lanka,” the Finance Ministry noted in a statement issued yesterday.
It added that the Government of India has played a pivotal role in spearheading Sri Lanka’s external debt restructuring process, co-chairing the Official Creditor Committee (OCC) alongside France and Japan.
“The leadership, commitment, and constructive engagement of the Government of India, with the support of needy emergency assistance during the peak of the crisis, were instrumental for Sri Lanka to navigate the challenges of economic recovery and also to make remarkable progress towards the restoring of debt sustainability,” it read.
