Central Bank Governor Dr. Nandalal Weerasinghe while acknowledging the delay, did not give a timeline on when it would happen. It is unclear if the review will take place before the end of 2024.The fund said earlier this month after a visit to Colombo that it would continue to engage with Sri Lanka’s economic team to set a date for the third review.

Meanwhile, the Sri Lanka delegation that is in Washington DC had met with bondholders to discuss a debt exchange.Dr. Weerasinghe shared that the talks, which happened on the sidelines of the IMF/World Bank meetings in Washington, aim to quickly get Sri Lanka “out of the default category.”

Citibank has been appointed as the dealer manager to oversee a consent solicitation, a key step in Sri Lanka’s path out of default. The island nation, reached a draft agreement with creditors in September to restructure US$ 12.5 billion in international bonds. Earlier this month, the International Monetary Fund and official bilateral creditors backed the proposal.