Paris Club to initiate debt relief program for Sri Lanka

COLOMBO (News 1st); The Paris Club, a group of officials from major creditor countries whose role is to find co-ordinated and sustainable solutions to the payment difficulties experienced by debtor countries, will initiate a debt relief process for Sri Lanka, the President's Media Division says.

The President's Media Division stated that the Paris Club will also coordinate with non-Paris Club bilateral creditors to ensure financial security for Sri Lanka.

Moreover, the Paris Club has welcomed the staff level agreement between the Government of Sri Lanka and officials of the International Monetary Fund for a 48-month plan under extended fund facility to restore macroeconomic stability and debt sustainability.