WEB DESK

International Monetary Fund has confirmed India’s assurance to restructure Sri Lanka’s debt.

India continues to be the sole creditor to have backed Sri Lanka’s bid for an IMF bailout. Last week, External Affairs Minister, Dr. S Jaishankar in his visit to Sri Lanka announced India’s proactive step.

Sri Lanka has been pursuing similar assurances from other creditors to finalise the 2.9 billion dollars extended fund facility from the global lender. China and Japan are the other two major bilateral creditors. Meanwhile, Sri Lanka has been making efforts to improve its economic policies by raising tariffs on utilities and increase revenue by raising taxes.

Sri Lanka has been battling its worst-ever economic crisis since its independence in 1948. India had extended generous assistance of 4 billion US dollars last year to Sri Lanka to cope with the crisis.