SRI LANKA  Debt treatment -      June 26, 2024

Supporting agreements with the international institutions

IMF programme supported by the arrangement under the Extended Fund Facility (EFF) approved on March 20, 2023, in an amount equivalent to SDR 2.286 billion (about USD 3 billion).

Download the IMF report EFF document

Total external debt of the country

$41.5 billion as of December 31, 2022

Accorded treatment

Stock treatment due as of January 1, 2023 rescheduled through maturity extension until 2042, with a five-year grace period

Repayment profile

Stock treatment rescheduled until 2042

Comparability of treatment provision

In order to secure comparable treatment of debt owed to other external official bilateral creditors and external private creditors, the Sri Lankan Government commits to promptly seek from those external creditors a treatment on terms at least as favourable as those reached by the Participating Creditor Countries in the MoU. The Sri Lankan Government commits to provide quarterly updates to the OCC or upon the request of the OCC on the status of negotiations with other external creditors, starting from the date of the MoU.

Cut-off date

March 18, 2022

Organisation of the session

Key dates:

- Staff-Level Agreement: September 1, 2022

- IMF programme approval: March 20, 2023

- Formation of the OCC: May 9, 2023

- Agreement-in-principle (AIP) on main terms: November 29, 2023

- IMF 1st Review: December 12, 2023

- Agreement on the MoU: June 26, 2024

 

Members of the Official Creditors Committee:

- OCC co-chairs: FRANCE, INDIA and JAPAN

- OCC members:

  • AUSTRALIA
  • AUSTRIA
  • BELGIUM
  • CANADA
  • DENMARK
  • FRANCE
  • GERMANY
  • HUNGARY
  • INDIA
  • JAPAN
  • NETHERLANDS
  • REPUBLIC OF KOREA
  • RUSSIAN FEDERATION
  • SPAIN
  • SWEDEN
  • UNITED KINGDOM
  • UNITED STATES OF AMERICA

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