India hails Lanka's debt restructuring pact; reaffirms support to recovery
India on Wednesday welcomed Sri Lanka's debt restructuring agreement with a group of creditor nations and said it will continue to support the island nation's economic recovery, including by promoting long-term investments.
India is one of the co-chairs of the Official Creditors Committee (OCC) that was formed in April last year to finalise a plan for restructuring Sri Lanka's debt.
The Sri Lankan government said it has finalised a long-delayed debt restructuring agreement for USD 5.8 billion with its bilateral lenders, including India and China.
"After several rounds of engagements, the OCC signed the Memorandum of Understanding (MoU) on debt restructuring on June 26," the Ministry of External Affairs (MEA) said.
It said this milestone demonstrates the strong progress made by Sri Lanka in stabilising its economy and moving towards reform and growth.
"As one of the co-chairs of the OCC, along with France and Japan, India has been steadfast in its commitment to the stabilisation, .