Economic issues combined with the COVID-19 pandemic have left Sri Lanka in its worst economic crisis since independence which has led to default on its sovereign debt. Sri Lanka is down to make a presentation to its international creditors on Friday explaining its issues and plans for debt restructuring and highlighting the need for an International Monetary Fund bailout.
Sri Lankas Minister of Finance has stated via legal firm Clifford Chance that an online call on September 23 would be open to all its external creditors and would be a an interactive session where participants can ask questions.
Sri Lanka’s has had public protests in the last few months which had the then-President Gotabaya Rajapaksa leaving the country and resigning for Presidency.
Now President Ranil Wickremesinghe has managed to strike a deal with the IMF so that a US$2.9 billion loan is being considered to be released over a period of four years.