ALL SUPPORT WELCOME This file photo shows vehicles waiting in line for a fill-up outside a gas station in Colombo, Sri Lanka on May 16, 2022. The President’s Media Division of Sri Lanka on Saturday, Sept. 3, 2022, announced that the Paris Club said they were ready to start the debt relief process for Sri Lanka. XINHUA PHOTO
ALL SUPPORT WELCOME This file photo shows vehicles waiting in line for a fill-up outside a gas station in Colombo, Sri Lanka on May 16, 2022. The President’s Media Division of Sri Lanka on Saturday, Sept. 3, 2022, announced that the Paris Club said they were ready to start the debt relief process for Sri Lanka. XINHUA PHOTO

COLOMBO: The President's Media Division (PMD) of Sri Lanka on Saturday announced that the Paris Club said they were ready to start the debt relief process for Sri Lanka.

The PMD in a statement said they are willing to coordinate with non-Paris Club official bilateral creditors to provide necessary financing assurances in a timely manner.

The Paris Club on Friday welcomed the staff-level agreement concluded between the Sri Lankan Authorities and the International Monetary Fund staff for a 48-month arrangement under the Extended-Fund Facility.

"This agreement represents an important step to restore macroeconomic stability and public debt sustainability."

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The Paris Club also said it remains at the disposal of the Sri Lankan authorities and non-Paris Club official bilateral creditors to further discuss the next steps of the debt relief process.