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Sri Lanka finalises debt restructuring agreement

The announcement follows the finalisation of debt restructuring agreements with bilateral lenders, including India and China, in Paris on June 26. President Ranil Wickremesinghe described this earlier agreement as a “significant milestone” in bolstering international trust in Sri Lanka's debt-ridden economy.

News Arena Network - Colombo - UPDATED: July 4, 2024, 01:23 AM - 2 mins read

Sri Lanka has successfully reached a debt restructuring agreement with its international sovereign bondholders, marking a significant step in the nation's efforts to restore debt sustainability.

Sri Lanka finalises debt restructuring agreement


Sri Lanka has successfully reached a debt restructuring agreement with its international sovereign bondholders, marking a significant step in the nation's efforts to restore debt sustainability.

 

The announcement was made by State Finance Minister Shehan Semasinghe on Thursday, who hailed the deal as a "crucial step" for the cash-strapped country.

 

In a statement, Minister Shehan confirmed that the agreement on restructuring terms was finalised on Wednesday, completing the long-awaited debt restructuring process for Sri Lanka.

 

"ISBs (International Sovereign Bonds) account for USD 12.5 billion out of the total external debt of USD 37 billion. This agreement is a crucial step in our efforts to restore debt sustainability," Semasinghe said.

 

The minister added that the deal with private bondholders is pending approval from the official creditor committee of nations, which includes India.

"This marks another key milestone in our journey towards economic revival and strengthening," he said.

 

Officials disclosed that the agreed-upon restructuring includes a 28 percent haircut and an upfront payment to ISB holders starting in September of this year.

 

This agreement finalises Sri Lanka’s comprehensive debt restructuring process, a prerequisite for debt sustainability under the ongoing International Monetary Fund (IMF) bailout of USD 2.9 billion, which was extended in March 2023 over four years.

 

The announcement follows the finalisation of debt restructuring agreements with bilateral lenders, including India and China, in Paris on June 26.

 

President Ranil Wickremesinghe described this earlier agreement as a “significant milestone” in bolstering international trust in Sri Lanka's debt-ridden economy.

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