Creditors to discuss debt restructuring on Tuesday

TOKYO: Sri Lanka’s creditor countries will hold their first meeting on the debt-ridden country’s debt restructuring on Tuesday at 1100 GMT, the Japanese Ministry of Finance said in a Reuters report.

The virtual meeting will be followed by a gathering of the financial leaders from the Group of Seven (G7) advanced nations, to be hosted by Japan later this week, where emerging nations’ debt problems are high on the agenda.

Last month, Sri Lankan President Ranil Wickremesinghe said the country would discuss debt restructuring with India and the Paris Club of creditors on one platform and with China, the largest creditor country for Sri Lanka, separately.

Caught in its worst financial crisis since independence from Britain in 1948, the island nation of 22 million people secured an IMF loan in March.