A group of creditor nations associated with Sri Lanka is reportedly on the verge of reaching a consensus on debt relief measures, including an extension of repayment deadlines, according to Japan's Jiji News. The group, co-chaired by Japan alongside France and India, is engaging in discussions to address the severe financial crisis facing the South Asian nation.

Amidst its worst financial crisis in decades, Sri Lanka has been actively seeking restructuring deals with its creditors since the previous year. The current talks with the group of creditor nations mark a crucial development in the island nation's ongoing efforts to alleviate its debt burden and navigate through challenging economic conditions.

China, holding the position of Sri Lanka's largest bilateral creditor, has refrained from formal participation in this creditor group. However, the recent agreement with the Export-Import Bank of China, covering approximately $4.2 billion of outstanding debt, represents a significant milestone for Sri Lanka.

The Export-Import Bank deal is anticipated to facilitate the clearing of the first review of the bailout by December 6 under the International Monetary Fund (IMF) executive board program. This achievement is pivotal for Sri Lanka in securing a second tranche from the IMF, totaling about $334 million, as confirmed by the country's finance ministry.