The delay in reaching an agreement could be a stumbling block for Sri Lanka’s upcoming IMF executive board review, which is scheduled for June a high official of the ministry said adding that as debt restructuring is a foremost condition for the IMF, it would have an impact on the board approval.

The IMF supported programme explicitly assists Sri Lanka’s efforts to restore macroeconomic stability and debt sustainability, safeguard financial stability, and enhance growth-oriented structural reforms.

Moreover, the nation’s impending presidential election exerts pressure on the government to fast-track the negotiation process, raising concerns about the sustainability of any deal struck with bondholders hastily under such circumstances