Saving Sri Lanka: Can India and Japan Lead the Way?
On September 1, under the new President Ranil Wickremesinghe, crisis-plagued Sri Lanka reached a staff-level agreement with the International Monetary Fund (IMF) for a $2.9 billion USD bailout package over 48 months. This was incumbent upon certain conditions such as “financial assurances” from official creditors (referring to debt relief measures) and additional financing in order to stabilize the Sri Lankan economy in the short term and promote sustainable, inclusive growth in the future.
Soon after, Japanese Finance Minister Shunichi Suzuki urged China and India, among other creditors, to discuss a plan of action for Sri Lanka’s debt restructuring.
You can find the full article on JAPAN Forward’s website. This article is part of the [Asia’s Next Page] series on JAPAN Forward. Find other articles in the series by Dr. Jagannath Panda, here.
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