Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman participated in a high-level Event on Sri Lankan debt issues on the sidelines of International Monetary Fund (IMF)- World Bank (WB) Spring Meetings in Washington D.C today.

Mr. Suzuki Shunichi, Finance Minister of Japan and Mr. Emmanuel Moulin, Director General of the Treasury, France, and Mr. Shehan Semasinghe, State Minister of Finance, Sri Lanka, were present in the meeting. Mr. Ranil Wickremesinghe, President and Minister of Finance of Sri Lanka, participated virtually.

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.

Union Finance Minister Smt. Sitharaman expressed India’s commitment to support Sri Lanka in dealing with its current economic crisis.  She emphasised that a collaboration among creditors is important to ensure transparency and equality in treatment of all creditors in the debt restructuring discussions.

Debt restructuring coordination launched to create a multilateral, transparent negotiation process led by three co-chairs. Launch of a coordinated debt restructuring negotiation process for Sri Lanka was announced, establishing a multilateral framework led by three co-chairs to guide creditor engagement. The mechanism emphasises collaboration, transparency, and equality of treatment for all creditors, with India, Japan, and France designated as co-chairs to lead and coordinate negotiations alongside Sri Lankan authorities.