Sri Lanka will make a presentation to its international creditors on Friday, the Ministry of Finance said.
According to Reuters, Sri Lanka will lay out the full extent of its economic troubles and plans for a debt restructuring and multi-billion dollar International Monetary Fund bailout.
The Ministry of Finance said in a statement via legal firm Clifford Chance that an online call on Sept. 23 would be open to all its external creditors and be “an interactive session” in which participants can ask questions.
“Authorities intend to update their external creditors on the most recent macroeconomic developments, the main objectives of the reform package agreed with the IMF … and the next steps of the debt restructuring process,” the statement dated Sept. 17 said.
Sri Lanka is facing its worst economic crisis since independence from Britain in 1948, causing it to default on its sovereign debt. The country’s borrowings range from a total of $85 billion to well over $100 billion.
Newly elected President Ranil Wickremesinghe has managed to reach a preliminary deal with the IMF that if formalized would provide the country with $2.9 billion in loans over four years. (NewsWire)