IMF/World Bank high-level meeting on Sri Lankan debt issue

Tags: Summits

The Union Finance and Corporate Affairs Minister Nirmala Sitharaman on 14 April 2023 in Washington D.C. Participated in a high-level meeting on the Sri Lankan debt issue during the Spring Conferences of the International Monetary Fund (IMF)/World Bank.

An Overview of the News:

• The meeting was attended by Japanese Finance Minister Suzuki Shunichi, French Treasury Department Director General Emmanuel Molin and Sri Lankan Minister of State for Finance Shehan Semasingha.
• Sri Lankan President and Finance Minister Ranil Wickremesingha participated in the meeting through virtual medium.
• Objective of the meeting: To bring multilateral cooperation regarding the debt restructuring process in respect of the debtor countries including Sri Lanka.
• In this meeting, the ministers announced the launch of Sri Lanka's debt restructuring negotiation process.
• Three countries India, Japan and France have been made co-chairs to lead the coordination of debt restructuring in Sri Lanka.

International Monetary Fund (IMF):

• Establishment: 1944 (Formally came into existence in December 1945)
• Members: 190 (India joined the IMF on December 27, 1945)
• Headquarters: Washington DC

World Bank:

• Establishment: 1944 (Founded as the International Bank for Reconstruction and Development (IBRD) together with the IMF, later the IBRD became the World Bank).
• Headquarters: Washington DC
• Members: 189