CB Governor Pleads All Parties Involved In Debt Restructuring Negotiations To "Act Quickly" Considering Gravity Of Crisis

Sri Lankan Central Bank Governor Dr. Nandalal Weerasinghe urged all parties involved in debt restructuring negotiations with Sri Lanka - including India and China - to act quickly.

"The sooner they give us finance assurances that would be better for both [sides], as a creditor, as a debtor," Weerasinghe said, in an interview with BBC yesterday.

"That will help us to start repaying their obligations," he added.

"We don't want to be in this kind of situation, not meeting the obligations, for too long. That is not good for the country and for us. That's not good for investor confidence in Sri Lanka."

"This all depends on the other parties - our creditors really have to make that decision," he said.

He added that Sri Lanka had now provided them with all the information on the country's borrowings they needed.

Asked about Sri Lanka's private bondholders, Mr Weerasinghe said: "We engage with private creditors in good faith negotiations. And what we are seeing is that they are very positive and they are willing to engage with us."

The governor said he expected that once agreement from bilateral creditors has been agreed the IMF funds could be distributed to Sri Lanka within "four to six weeks".