LONDON : The Paris Club of creditor nations is ready to provide financing assurances to Sri Lanka, a key step needed to unlock a $2.9 billion bailout by the International Monetary Fund (IMF), two sources with direct knowledge of the matter told Reuters.The informal group of bilateral lenders is set to 'so
LONDON : The Paris Club of creditor nations is ready to provide financing assurances to Sri Lanka, a key step needed to unlock a $2.9 billion bailout by the International Monetary Fund , two sources with direct knowledge of the matter told Reuters.
The Asian island nation, which is grappling with soaring inflation, a recession and currency depreciation, entered into a staff level agreement with the IMF last September. Sri Lanka's public debt stood at 122 per cent of GDP, of which 70 per cent is denominated in foreign currency, according to data in a country presentation to investors in November.
Another source said the informal group is currently reaching out to other non-Paris Club besides China on financing assurances, but did not provide any further details.
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