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Sri Lanka is close to finalising a debt treatment plan with India and the Paris Club.
The sources familiar with the negotiations said, pointing to a likely moratorium of upto six years and a reduced interest rate during the repayment period.
The discussions are at an advanced stage.
A formal agreement on the terms can be expected very soon,” the Colombo-based source told The Hindu on Thursday, after a recent discussion among members of the Official Creditor Committee [OCC].
IMF
Mission: Promote global economic growth, financial stability, international trade, and poverty reduction.
Membership: The IMF has a near-universal membership of 190 countries.
Founded: Established in 1944 at the Bretton Woods Conference following the Great Depression.
Headquarters: Washington, D.C., USA
Structure: Governed by its member countries, with voting power based on quotas (financial contributions).
Activities:
Lending: Provides financial assistance to member countries facing economic difficulties.
Policy Advice: Offers economic policy recommendations to member countries.
Surveillance: Monitors and analyzes the global economy and individual country economies.
Capacity Building: Offers technical assistance and training to member countries.
Importance: Plays a crucial role in maintaining global financial stability and promoting economic development worldwide.
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