COLOMBO, Mar 23 (NNN-XINHUA) – Sri Lanka will seek the services of an international law firm, to assist debt restructuring, which will be done with the aid of the International Monetary Fund (IMF), said a spokesman here yesterday.
The discussions with the IMF on debt restructuring will commence soon, said co-cabinet spokesman, Ramesh Pathirana, at a press conference.
Sri Lanka has, in recent months, been facing a foreign exchange shortage, with its rupee now touching a record low, following relaxed controls over exchange rates.
Pathirana said, the Sri Lankan government has taken a policy decision, to work with the IMF as a way out of the ongoing crisis.
To assist dealing with the IMF, the government appointed two committees, which recommended the government to hire a company, to assist its engagement with the IMF, he said.
The company will be hired on a long-term basis and several senior officials from the Sri Lankan government have been entrusted with selecting the international law firm, he added.– NNN-XINHUA