Japan, India, France Launch Initiative to Coordinate With Sri Lanka’s Creditors
Posted on April 14th, 2023

By Aldgra Fredly Courtesy Epoch Times

It remains uncertain whether China, Sri Lanka’s biggest bilateral creditor, will join the initiative launched by Japan.

Japan, India, and France on April 13 unveiled a plan to initiate a negotiation process with Sri Lanka’s creditors to coordinate the restructuring of Sri Lanka’s debt as the country seeks to resolve its economic crisis.

The plan was announced following a high-level meeting between officials from the three countries on the sidelines of International Monetary Fund (IMF) and World Bank meetings in Washington. Sri Lankan President Ranil Wickremesinghe also participated virtually.

The ministers announced the launch of the debt restructuring negotiation process on Sri Lanka under the three Co-Chairs: India, Japan, and France, to lead coordinated debt restructuring of Sri Lanka,” India’s finance ministry said in a statement.

Finance Minister Nirmala Sitharaman reaffirmed India’s commitment to supporting Sri Lanka in dealing with its economic crisis while emphasizing cooperation among creditors to ensure transparency and equality” in the negotiations.

Speaking to reporters, Emmanuel Moulin, the French director general of the Treasury, said they seek to hold the initial round of discussions with creditors at the earliest date possible.

Japanese Finance Minister Shunichi Suzuki said the platform is open to all creditors and expressed hope that China, Sri Lanka’s biggest bilateral creditor, will also join the effort.

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