Sri Lanka concludes debt restructuring talks with Japan

Sri Lanka has concluded debt restructuring talks with Japan and will continue to hold such meetings with India this month.President Ranil Wickremesinghe on Saturday said in Colombo that the government has already completed negotiations with Japan which is one of the three main countries, along with China, and India from whom Sri Lanka have obtained loans. President Wickremesinghe said the government is currently carrying out a debt restructuring program and discussions are underway with all stakeholders. He noted that the government discussed with China’s EXIM Bank this week and have commenced exchanging views on debt restructuring.

The President added that India’s Foreign Minister is scheduled to visit Sri Lanka on the 19th of January to discuss the debt restructuring process. Following these negotiations, Sri Lanka will receive USD 2.7 billion from the International Monetary Fund (IMF) in three or four installments. President Wickremesinghe said additionally, Sri Lanka has the capacity to get USD 5 billion from the World Bank, the Asian Development Bank etc. He made these observations during a meeting with the trade union representatives at the President’s Office.President Wickremesinghe also emphasized the need of working within one policy framework by all while facing the economic difficulties the country is confronted with.