Ceylon Chamber welcomes global creditors assurances; calls for same from China

Monday, 13 February 2023 00:40 - - {{hitsCtrl.values.hits}}

The Ceylon Chamber of Commerce yesterday welcomed and appreciated the financial assurances provided by creditors thus far, towards achieving Board approval from the International Monetary Fund and called on China to do the same.

“The timely announcements by India, Paris Club members including members such as Japan, US and UK, and non-members such as Hungary, are highly encouraging and appreciated by the business community at this time,” the Chamber said in a statement.

“We are also encouraged by the assurances provided by the international bondholders to engage with Sri Lanka towards restoring debt sustainability. We look forward to similar assurances from other commercial and bilateral creditors including China, in line with the IMF requirements that will result in a swift approval of the IMF program,” the Ceylon Chamber said.

The Chamber said it appreciates the support given by China in the economic development of Sri Lanka and requests to work with the IMF in order for Sri Lanka to receive its much needed funding as a key bilateral creditor.

The Ceylon Chamber said securing the IMF program will be a crucial first step in Sri Lanka’s debt restructuring efforts which will reduce the present economic uncertainty. The Government has carried out an initial set of reforms and we expect more reforms to take place post IMF Board approval that will provide an impetus towards economic revival.

The Ceylon Chamber also urged the IMF to consider the assurances received thus far and initiate the approval process, as continual delays will place Sri Lanka in an extremely vulnerable social and economic position.

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