India seeks close coordination between Sri Lanka and all creditors

India says close coordination between Sri Lanka and all its creditors will be critical to expediting a debt treatment that will restore debt sustainability in the country.

Indian Minister of Finance Nirmala Sitharaman said that collaboration among creditors is important to ensure transparency and equality in treatment of all creditors in the debt restructuring discussions.

“I am pleased to share that India joins hands with Japan and France to Co-chair and lead a coordinated debt restructuring process to finalize the specifics of the debt treatment as a close and longstanding friend of Sri Lanka,” she said.

She was speaking at the launch of the Debt Restructuring Negotiation Process on Sri Lanka held in Washington by India, Japan, and France.

The purpose of the event was to demonstrate the multilateral cooperation regarding the debt restructuring process among the creditors, together with Sri Lanka.

In the event, the ministers announced the launch of the debt restructuring negotiation process on Sri Lanka under the three Co-Chairs: India, Japan, and France, to lead coordinated debt restructuring of Sri Lanka.

Sitharaman said that India is committed to supporting Sri Lanka to facilitate an early outcome of the debt restructuring process. (Colombo Gazette)