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
MoU implementation table
SRI LANKA
| Creditor | Bilateral signed on |
|---|---|
| Japan | March 2025 |
| India | March 2025 |
| France | June 2025 |
|
12 months
|
|
| Hungary | July 2025* |
| UK | August 2025 |
| Australia | October 2025 |
| Denmark | November 2025 |
| Germany | January 2026 |
| Belgium | January 2026 |
| Korea | April 2026 |
| Spain | April 2026* |
| Canada | Ongoing |
| Netherlands | Ongoing |
| Austria | Ongoing |
| Sweden | Ongoing |
| USA | Ongoing |
| Russia | Ongoing |
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
Press-releases are available on the following links:
- Agreement on main terms, November 2023: Agreement in principle between the Official Creditor Committee and Sri Lanka on a debt restructuring
- Agreement on the MoU, June 2024: Agreement on a Memorandum of Understanding between the Official Creditor Committee and Sri Lanka on a debt restructuring | Sri Lanka Reaches Final Debt Treatment Agreements with the Official Creditor Committee and Exim Bank of China