<p>Sri Lanka has started debt restructuring talks with the IMF, India and China, President Ranil Wickremesinghe said on Sunday, exuding confidence that if the discussions move forward in a “systematic way”, the country would tide over its worst economic crisis.</p>.<p>Addressing a gathering in the Siyambalanduwa district, Wickremesinghe said talks have also started with private creditors on debt restructuring.</p>.<p>“For the first time yesterday, we began talks with the IMF, China, Japan and India on lessening our debt burden,” he said.</p>.<p>“It will be difficult for us to pay back debt, still we have to find ways to lessen our debt burden. We are faced with a situation where we are unable to meet interest payments. But I’m hopeful that if our talks could be carried forward in a systematic way, we would be able to solve our problems,” he said.</p>.<p>The president said he spoke to the Chinese finance minister while Sri Lanka’s finance minister Shehan Semasinghe on Saturday started talks with India on debt restructuring in Washington.</p>.<p>He said the funds from the World Bank, the Asian Development Bank, the US and the EU were being used to pay for the island’s medicine and fertiliser imports.</p>.<p>Sri Lanka reached a staff-level agreement with the IMF in late August for a $2.9 billion rescue package over 4 years. Its completion hinges on assurances from Sri Lanka’s creditors on debt restructuring.</p>.<p>The government in May appointed international legal and debt advisors for debt restructuring after the country for the first time in history declared its international debt default.</p>.<p>Sri Lanka is nearly bankrupt and has suspended repaying its $51 billion foreign debt, of which it must repay $28 billion by 2027. </p>
<p>Sri Lanka has started debt restructuring talks with the IMF, India and China, President Ranil Wickremesinghe said on Sunday, exuding confidence that if the discussions move forward in a “systematic way”, the country would tide over its worst economic crisis.</p>.<p>Addressing a gathering in the Siyambalanduwa district, Wickremesinghe said talks have also started with private creditors on debt restructuring.</p>.<p>“For the first time yesterday, we began talks with the IMF, China, Japan and India on lessening our debt burden,” he said.</p>.<p>“It will be difficult for us to pay back debt, still we have to find ways to lessen our debt burden. We are faced with a situation where we are unable to meet interest payments. But I’m hopeful that if our talks could be carried forward in a systematic way, we would be able to solve our problems,” he said.</p>.<p>The president said he spoke to the Chinese finance minister while Sri Lanka’s finance minister Shehan Semasinghe on Saturday started talks with India on debt restructuring in Washington.</p>.<p>He said the funds from the World Bank, the Asian Development Bank, the US and the EU were being used to pay for the island’s medicine and fertiliser imports.</p>.<p>Sri Lanka reached a staff-level agreement with the IMF in late August for a $2.9 billion rescue package over 4 years. Its completion hinges on assurances from Sri Lanka’s creditors on debt restructuring.</p>.<p>The government in May appointed international legal and debt advisors for debt restructuring after the country for the first time in history declared its international debt default.</p>.<p>Sri Lanka is nearly bankrupt and has suspended repaying its $51 billion foreign debt, of which it must repay $28 billion by 2027. </p>