Minister of Finance Ali Sabry says Sri Lanka may take nearly three weeks to appoint advisers to guide an overhaul of its debt.
Minister Sabry in a Bloomberg Television interview in Washington said Sri Lanka is aiming to choose financial and legal advisers in 15 to 20 days.
Sabry said about $500 million of the total funds sought by Sri Lanka is expected to come as emergency aid from the Asian Development Bank and World Bank in the next six months.
Minister Sabry claimed talks have been centred around restructuring, and along with that to go forward for a proper program with the International Monetary Fund.
He said an IMF program “requires debt restructuring when they come to the finding that it is not sustainable in the long run.”
Minister Sabry is in Washington with several officials seeking emergency funds during the spring meetings of the IMF and World Bank.
He added in the interview that Sri Lanka has been contacted by “a couple” of creditors, and that he also plans further talks with officials from the US, Japan, India and China, among others.