India’s External Affairs Minister S Jaishankar is predicted to make a go to to crisis-ridden Sri Lanka this week to debate the debt restructuring course of.

“On January 19, the Indian foreign minister is expected to visit and we will continue to have debt restructuring talks with India,” Sri Lankan President Ranil Wickremesinghe mentioned, based on PTI information company.

The Sri Lankan president knowledgeable mentioned that the nation can be receiving $2.5 billion from the IMF, and almost $5 billion from the World Bank and the Asian Development Bank.

“The total will be $7.5 billion. Adding the $3 billion from the restructuring of unprofitable government agencies can add up to $10 billion, which will enable the economy to recover and bring the country out of this suffering,” he added.

China, Japan, and India are Sri Lanka’s three largest bilateral creditors, and it is believed that Colombo is counting on their cooperation for economic revival.

Sri Lanka has been trying to get financial assurances from its major creditors, in order to secure a bailout package from the IMF.

The IMF bailout has been put on a halt as Sri Lanka pursues talks with creditors to meet the global lender’s condition for the facility.

Wickremesinghe said that he was looking forward to the IMF facility in 3-4 tranches, adding, “I want to lift this country out of the plunge sooner.”

The debt restructuring talks with Sri Lanka’s collectors started in September final 12 months as warranted by its settlement with the IMF for the $2.9 billion facility over 4 years.

Since being hit by the unprecedented monetary disaster in 2022, the worst since its independence from Britain in 1948, India has been offering monetary help to its neighbours of almost $4 billion through the 12 months.

In January, India introduced a $900 million mortgage to Sri Lanka to construct up its depleted overseas reserves because the monetary disaster started to unfold.

Later, it supplied a USD 500 million credit score line to Sri Lanka to fund the nation’s gas purchases.

The credit score line was later expanded to USD 700 million because of the sheer gravity of the scenario.

Sri Lanka has been utilizing Indian credit score strains since early 2022 to import necessities and gas after road protests erupted on account of extreme shortages of necessities.

(With inputs from companies)