"When you see the staff level agreement published - that will contain our commitment to debt restructuring and that will also reveal medium-term debt targets for us to restore debt sustainability on a long-term basis," central bank Governor P Nandalal Weerasinghe said.

"So somewhere in April we will announce ... how we are going to meet those medium-to-long-term (debt) targets. That is the next step".

Weerasinghe said the country would expedite negotiations with commercial creditors and announce the debt restructuring strategy in consultation with them, before finalising the debt restructuring terms.

"We are trying to finalise this in about the next six months' time, so before the next (IMF) review will be completed," he said.