According to President Ranil Wickremesinghe, India will respond to Sri Lanka’s appeal for debt restructuring by the end of January. Sri Lanka is in trouble financially.
The International Monetary Fund (IMF) has offered Sri Lanka a $2.9 billion bridging loan in exchange for financial assurances from its three largest creditors, China, Japan, and India. These assurances are necessary for Colombo to receive the bailout package.
In a media interview on January 6, Mr. Wickremesinghe added that he hoped to secure the $2.9 billion IMF facility over the year’s first three months.
This news is written by Ms. Pujari Dharani, Research Assistant, All India Legal Forum.