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

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.