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Sri Lanka crisis

Sri Lanka says Lazard-led debt talks underway with China, others

IMF's $2.9bn bailout can only proceed if main lenders offer relief

Sri Lanka is facing a severe shortage of critical imports including fuel after its foreign exchange reserves dried up in its worst financial crisis in seven decades.   © Reuters

Sept 13 (Reuters) - Financial advisory group Lazard has started talks with India, China and Japan on restructuring Sri Lanka's debt, a spokesman for the Sri Lanka government said on Tuesday, as the crisis-hit island nation seeks an International Monetary Fund (IMF) bailout.

Lazard was hired by Sri Lanka in May, along with international lawyers Clifford Chance, to guide the government through the process of restructuring its debt, for which estimates range from $85 billion to well over $100 billion.

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