The Paris Club of creditor governments has announced plans to begin negotiations to restructure Sri Lanka's debt, following the establishment of a creditor committee earlier this week. The committee, comprising representatives from the Japanese and Indian finance ministries, along with the President and representatives of Sri Lanka, was set up on the sidelines of the spring meetings of the International Monetary Fund and World Bank in Washington.

In a statement, the Paris Club expressed its intention to maintain momentum and commence restructuring negotiations in coordination with all relevant stakeholders. The aim is to ensure fair burden sharing, transparency, and comparability of treatment, with all public sector creditors welcome to participate in the process.

This news comes just weeks after Sri Lanka secured a $2.9 billion IMF program to tackle its suffocating debt burden and its worst economic crisis in over 70 years. The agreement was seen as a lifeline for the island nation, which has been grappling with mounting debt for many years.

The restructuring negotiations with the Paris Club are expected to be a key step towards alleviating Sri Lanka's debt crisis, providing much-needed relief to the country's struggling economy. The negotiations will be closely watched by both the government and the public, as Sri Lanka looks to secure its financial future and build a stronger economy for generations to come.