Sri Lanka is appointing a technical committee to help negotiate with the International Monetary Fund and will also hire a legal firm to assist with the process, Cabinet spokesman Ramesh Pathirana said.
“We have taken a policy decision to go the IMF for which we need a technical committee,” Minister Pathirana told reporters in Colombo.
Sri Lanka will also hire a legal firm to help with debt restructuring.
“A transparent process will be followed,” he said. “Process headed by (Foreign Minister) Minister G L Peiris and (Justice Minister) Ali Sabry assisted by central bank governor.”
The International Monetary Fund has said Sri Lanka’s debt is unsustainable which requires re-profiling or re-structuring.