It would clear a major hurdle for the bankrupt nation to unlock a US$2.9b (S$3.8b) rescue from IMF. Read more at straitstimes.com.
NEW DELHI - India formally notified that it would support Sri Lanka’s debt restructuring plan, according to a person with knowledge of the matter, clearing a major hurdle for the bankrupt nation to unlockIndia, one of Sri Lanka’s major bilateral creditors, gave its assurances late Monday, the person said, asking not to be identified as the details are not public. An announcement could be made as early as Tuesday, another person said.
A text message to the IMF representative in Washington was not immediately answered. India’s Finance Ministry spokesman declined to comment. The end-2022 target for IMF board approval has already been missed and Standard Chartered predicted earlier in January that the multilateral lender may give the green light only between April and June, which means talks with commercial creditors are likely to be pushed to the second half of 2023, it said.
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