India, Japan and France launch common platform for Sri Lankan debt restructuring programme

India, Japan and France launch common platform for Sri Lankan debt restructuring programme

Daily Current Affairs   /   India, Japan and France launch common platform for Sri Lankan debt restructuring programme

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Category : International Published on: April 17 2023

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  • India, Japan and France have announced a common platform for talks among creditors to address the debt restructuring programme of Sri Lanka which is grappling with its worst economic crisis.
  • The representatives of the three creditor countries, including Finance Minister Nirmala Sitharaman, held a press briefing on the margins of the annual spring meetings of the World Bank and the International Monetary Fund (IMF) in Washington.
  • Japanese Finance Minister Shunichi Suzuki told a briefing that to be able to launch this negotiation process with such a broad-based group of creditors is a historical outcome.
  • Sri Lanka secured a USD 2.9 billion programme from the International Monetary Fund (IMF) last month to tackle its huge debt burden.
  • The island nation Sri Lanka was hit by an unprecedented financial crisis in 2022, the worst since its independence from Britain in 1948, due to a severe paucity of foreign exchange reserves, sparking a major political and humanitarian crisis in the island nation.
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