report in The Island, Feb 11, 2023The International Monetary Fund said its approval of the $2.9 billion loan bailout of the crisis-riddled Sri Lanka will depend on the country securing assurances on debt relief from its bilateral creditors, Bloomberg reported yesterday Bloomberg quoted an IMF spokesperson who said “Sri Lanka continues to engage with official bilateral creditors to obtain financing assurances and also continues to advance domestic reforms. As soon as adequate assurances are obtained…
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report in Daily FT, Dec 20, 2022According to Bloomberg, Sri Lanka is considering a “Favoured Creditor Clause” to fast track external debt negotiations. Sri Lanka may use a special clause to expedite its debt-restructuring negotiations – prolonged talks risk delaying a crucial bailout from #IMF. The ‘Most Favoured Creditor (MFC)’ could help with doubts among other creditors that China (holds 52% of Sri Lanka’s bilateral debt) could be offered better terms. Such a clause would…