Successful IMF and OCC agreement paves way for debt relief: CCC

The Ceylon Chamber of Commerce (CCC) commended the Government of Sri Lanka on the successful completion of consultations with the Official Creditor Committee (OCC) and the International Monetary Fund (IMF) regarding the Agreement in Principle (AIP) reached with international and local holders of International Sovereign Bonds (ISBs).

It asserted that this marks significant progress towards achieving external debt restructuring and is aligned with the first priority out of the ten key areas the Chamber highlighted in its recommendations to the new administration. 

“We acknowledge the contributions of the Government, Governor of the Central Bank, the Secretary to the Treasury, and all relevant stakeholders who played an essential role in this achievement. The steadfast commitment to aligning with the Comparability of Treatment (CoT) principle has been crucial in advancing Sri Lanka’s broader economic reform agenda,” it said in a statement. 

“We are appreciative of the quick response of the OCC countries and IMF in this regard,” it added. 

The Chamber said it looks forward to the completion of the restructuring of Sri Lanka’s external debt. The completion of the OCC and IMF consultation process is a positive indicator for ensuring successful future reviews and disbursements under IMF’s Extended Fund Facility (EFF) arrangement, which will be essential in the country’s journey towards fiscal stability and economic transformation, the CCC noted.