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France joins with Paris Club to reach consensus on SL debt restructure soon

By: Staff Writer

February 26, Colombo (LNW): Sri Lanka and the official creditor committee has agreed on a debt restructuring deal, the Paris Club Secretariat said.

“The OCC and Sri Lanka agreed on the main parameters of a debt treatment consistent with those of the Extended Fund Facility (EFF) arrangement between Sri Lanka and the IMF,” the statement said.

French Ambassador to Sri Lanka Jean-François Pactet yesterday said France’s collaborative efforts with fellow members of the Paris Club group of creditors to finalise an agreement addressing Sri Lanka’s debt negotiations.

He highlighted the dedication of Paris Club members in striving to achieve a consensus to tackle Sri Lanka’s debt crisis.

The Ambassador said that Paris Club members are diligently working towards reaching a consensus to address Sri Lanka’s debt crisis.

“It is a very complex negotiation and we need to build consensus,” the Ambassador told a group of journalists yesterday.

Despite the complexity of the negotiations, the Ambassador remained optimistic about the progress being made. While he refrained from setting a specific timeline for the agreement, he assured that efforts were underway to expedite the process.

Ambassador Pactet also highlighted France’s collaboration with the French Development Agency to support ongoing and new projects in Sri Lanka.

He pointed out that despite the challenges posed by the debt crisis, France remained committed to continuing its developmental initiatives in the country.

The Ambassador underscored the importance of resolving the debt crisis promptly to facilitate future collaborations and projects between France and Sri Lanka.

“This is why it is essential to reach a consensus swiftly with the Official Creditors Committee to be able to move forward with our commitments and projects,” he added.

Ambassador Pactet commended the positive turnaround in the economy over the last year and reiterated France’s dedication to supporting Sri Lanka during this challenging period and reiterated its readiness to assist as soon as an agreement is reached.

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