The key points of Sri Lanka’s plan to restructure domestic debt
1 year, 5 months ago

The key points of Sri Lanka’s plan to restructure domestic debt

Al Jazeera  

Central bank of crisis-hit country outlines measures to restructure local debt as part of efforts to meet conditions of IMF bailout. The Central Bank of Sri Lanka has unveiled a far-reaching domestic debt restructuring plan aimed at restoring stability in the crisis-hit country. The long-awaited restructuring is needed to help Sri Lanka reach the IMF programme’s goal of reducing overall debt to 95 percent of gross domestic product by 2032. Under the domestic debt revamp, holders of locally issued dollar-denominated bonds such as Sri Lanka Development Bonds will be given three options, according to CBSL Governor Nandalal Weerasinghe. The first would be a treatment similar to investors in the country’s international sovereign bonds – a 30 percent principal haircut with a six-year maturity at a 4 percent interest rate.

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History of this topic

Sri Lanka's ambitious governance and macro-linked bonds | Explained
6 days, 21 hours ago

Sri Lanka's ambitious governance and macro-linked bonds | Explained

The Hindu  

Sri Lanka's restructuring of $12.55 billion in international bond debt is set to lead to the launch of a series of new, as-yet-untested instruments linked to economic growth and governance. The governance-linked bond is the first of its kind and is designed to reward Sri Lanka for transparency and effective economic management by reducing the interest on its debt. To …

Sri Lanka To Ink Debt Deals By Year's End: Economic Development Deputy Minister
2 weeks, 4 days ago

Sri Lanka To Ink Debt Deals By Year's End: Economic Development Deputy Minister

Deccan Chronicle  

Colombo: Cash-strapped Sri Lanka vowed Thursday to complete its long-delayed foreign debt restructure within the month before a 2025 budget adhering to strict revenue targets set by the International Monetary Fund. Economic Development Deputy Minister Anil Jayantha Fernando said debt restructuring had been delayed by more than two years, costing the country an additional 1.7 billion dollars in accumulated interest. …

5 things about Sri Lanka's debt swap deal to end first-ever external loan default
3 weeks, 5 days ago

5 things about Sri Lanka's debt swap deal to end first-ever external loan default

Firstpost  

Sri Lanka’s Finance Ministry has called the deal a “milestone” in rebuilding its economy, while President Anura Dissanayake, who took office in September, stressed the importance of this agreement for future stability. Sri Lanka is looking to resolve its first-ever external debt default. AFP Sri Lanka has launched a $12.5 billion debt swap initiative to resolve its first-ever external default …

IMF approves third review of Sri Lanka’s $2.9bn bailout, but warns of risks
1 month ago

IMF approves third review of Sri Lanka’s $2.9bn bailout, but warns of risks

Al Jazeera  

Global lender says it will release about $333m to crisis-hit nation as signs of economic recovery emerge. The International Monetary Fund has approved the third review of Sri Lanka’s $2.9bn bailout but warned that the South Asian island nation’s economy remains vulnerable. Sri Lanka still needs to complete a $12.5bn bondholder debt restructuring and a $10bn debt rework with bilateral …

Sri Lanka clinches $12.5 billion bond rework deal in pre-election dash
3 months ago

Sri Lanka clinches $12.5 billion bond rework deal in pre-election dash

The Hindu  

“Sri Lanka reached a draft deal with creditors to restructure $12.5 billion of international bonds,” it said on Thursday, in a major boost to the island nation’s fragile recovery just two days before its Presidential election. The agreement comes after Sri Lanka began a third round of formal debt restructuring talks with bondholders last week. "Sri Lanka now expects to …

Sri Lanka will hold presidential election on Sept. 21, its first since declaring bankruptcy in 2022
4 months, 4 weeks ago

Sri Lanka will hold presidential election on Sept. 21, its first since declaring bankruptcy in 2022

Associated Press  

COLOMBO, Sri Lanka — Sri Lanka will hold a presidential election on Sept. 21 that will likely be a test of confidence in President Ranil Wickremesinghe’s efforts to resolve the country’s worst economic crisis. Sri Lanka’s crisis was largely the result of staggering economic mismanagement combined with fallout from the COVID-19 pandemic, which along with 2019 terrorism attacks devastated its …

Sri Lanka inks pacts with OCC, China to restructure debt
5 months, 3 weeks ago

Sri Lanka inks pacts with OCC, China to restructure debt

Hindustan Times  

New Delhi: Sri Lanka on Wednesday signed separate debt restructuring agreements with the Official Creditors Committee, a group co-chaired by India, and China’s Exim Bank, with New Delhi saying it will continue supporting Colombo’s economic recovery through long-term investments. The Official Creditors Committee is co-chaired by India After the International Monetary Fund’s approval of an extended fund facility for Sri …

Sri Lanka reaches deal on debt restructuring with bilateral creditors including China and France
5 months, 3 weeks ago

Sri Lanka reaches deal on debt restructuring with bilateral creditors including China and France

Associated Press  

COLOMBO, Sri Lanka — Sri Lanka’s President Ranil Wickremesinghe announced a debt restructuring deal with countries including India, France, Japan and China in a televised address to the nation Wednesday. Similarly, we signed another agreement with China’s Exim Bank today in Beijing.. Sri Lanka won,” Wickremesinghe said. Sri Lanka declared bankruptcy in April 2022 and suspended repayments on some $83 …

Sri Lanka finalises debt restructure agreement with official creditor committee
5 months, 3 weeks ago

Sri Lanka finalises debt restructure agreement with official creditor committee

Hindustan Times  

Sri Lanka's government said on Wednesday it has finalised a long-delayed debt restructuring agreement for USD 5.8 billion with its bilateral lenders, including India and China, in Paris to meet a key condition of an IMF bailout. This was announced by President Ranil Wickremesinghe’s office, which said the agreement grants significant debt relief allowing Sri Lanka to allocate funds to …

Sri Lanka seals debt deal with Official Creditor Committee after financial crisis
5 months, 3 weeks ago

Sri Lanka seals debt deal with Official Creditor Committee after financial crisis

The Hindu  

In what it termed a significant milestone, Sri Lanka on Wednesday sealed a deal with the Official Creditor Committee, to restructure the debt owed to its bilateral lenders including India, and signed a separate agreement with China for debt treatment. “Sri Lanka reached a final restructuring agreement for $5.8 billion of debt with its bilateral lenders’ Official Creditor Committee in …

Sri Lanka has made 'strong progress' on debt restructuring front: IMF
6 months, 2 weeks ago

Sri Lanka has made 'strong progress' on debt restructuring front: IMF

The Hindu  

“Sri Lanka’s macroeconomic policy reforms have started to “bear fruit” and the country is expected to reach agreements with external commercial creditors soon,” the IMF has said ahead of the second review of its $2.9 billion bailout programme to the cash-strapped country. Addressing a press conference on June 7, International Monetary Fund Communication Department Director Julie Kozack asserted that Sri …

Crisis-ridden Sri Lanka’s economic reforms are yielding results, but challenges remain, IMF says
11 months ago

Crisis-ridden Sri Lanka’s economic reforms are yielding results, but challenges remain, IMF says

Associated Press  

COLOMBO, Sri Lanka — Debt-stricken Sri Lanka’s economic reform program is yielding the first signs of recovery, but the improvements still need to translate into improved living conditions for its people, the International Monetary Fund said Friday. “The economic reform program implemented by the Sri Lankan authorities is yielding the first signs of recovery,” said Pete Breuer, the IMF’s senior …

Sri Lanka says debt restructure finalised by April
11 months, 1 week ago

Sri Lanka says debt restructure finalised by April

The Hindu  

Sri Lanka's bankrupt government said Friday that a foreign debt restructure would be finalised by the beginning of April, after signs the economy was emerging from its worst crisis on record. The IMF released a $337-million second tranche of its four-year loan last month after Colombo secured an "in principle" debt agreement with China, Sri Lanka's biggest bilateral lender. Mr. …

Sri Lanka will get the second tranche of a much-need bailout package from the IMF
1 year ago

Sri Lanka will get the second tranche of a much-need bailout package from the IMF

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ …

Sri Lanka reaches agreement with India, Paris Club on debt treatment
1 year ago

Sri Lanka reaches agreement with India, Paris Club on debt treatment

The Hindu  

Sri Lanka has reached an “agreement in principle” with India and the Paris Club group of creditors including Japan, on a debt treatment plan that will help the crisis-hit island nation tap the next tranche of the International Monetary Fund’s nearly-$3 billion recovery package. “The OCC and Sri Lanka agreed on the main parameters of a debt treatment consistent with …

Sri Lanka confirms major debt deal with China
1 year, 2 months ago

Sri Lanka confirms major debt deal with China

The Hindu  

The Sri Lankan government has confirmed that it has concluded a preliminary deal with China on the restructuring of its debts to Beijing, seen as a "big step" in the cash-strapped country's economic recovery. China holds about 52% of Sri Lanka’s $46 billion external credit.” The agreement in principle covers approximately $4.2 billion of outstanding debt, it said adding that …

ECONOMIC PERSPECTIVES | Sri Lankan debt crisis to get worse if IMF prescription is heeded
1 year, 5 months ago

ECONOMIC PERSPECTIVES | Sri Lankan debt crisis to get worse if IMF prescription is heeded

The Hindu  

Published : Jul 13, 2023 11:00 IST - 6 MINS READ On July 1, Sri Lanka’s parliament approved, through a majority 122-62 vote, a plan to restructure the government’s domestic debt, which totalled 15.4 trillion Sri Lankan rupees at the end of March 2023. At that point in time, of the government’s total debt of $86.5 billion, $46.9 billion was …

Cash-strapped Sri Lanka gets parliamentary nod for domestic debt restructuring plan
1 year, 5 months ago

Cash-strapped Sri Lanka gets parliamentary nod for domestic debt restructuring plan

The Hindu  

A special session of Sri Lanka's Parliament on July 1 overwhelmingly approved the cash-strapped government's domestic debt restructuring plan, a vital element in the bankrupt nation’s bid for recovery from the worst economic crisis. Domestic debt restructuring is a key condition in the International Monetary Fund programme, through which a bailout package of $3 billion was approved for Sri Lanka …

Sri Lankan Central Bank moots recast of pension funds, haircut on sovereign bonds
1 year, 5 months ago

Sri Lankan Central Bank moots recast of pension funds, haircut on sovereign bonds

The Hindu  

Sri Lanka’s Central Bank has proposed restructuring the beleaguered nation’s debt by recasting the outgo on the country’s pension funds and offering international sovereign bondholders a repayment plan that entails a 30% haircut. Addressing a media briefing in Colombo Thursday morning, Central Bank Governor Nandalal Weerasinghe unveiled the Ranil Wickremesinghe government’s domestic debt restructuring plan that seeks to protect local …

India Continues To Help Sri Lanka Stand Economically, But Colombo’s Love For Beijing Keeps Soaring
1 year, 5 months ago

India Continues To Help Sri Lanka Stand Economically, But Colombo’s Love For Beijing Keeps Soaring

ABP News  

The day was July 9, 2022 when the world witnessed unprecedented developments taking place in Indian Ocean island nation of Sri Lanka even as a large number of protestors stormed the President’s palace in Colombo that eventually led to an unceremonious escape of then President Gotabaya Rajapaksa to Maldives and then to Singapore. During a two-day visit to China, Sri …

Sri Lanka to restructure domestic debt amid challenges
1 year, 5 months ago

Sri Lanka to restructure domestic debt amid challenges

The Hindu  

Sri Lanka will shut down its banks and financial sector for five days beginning Thursday, ahead of an extraordinary weekend debate in Parliament on the government’s plan to restructure its domestic debt. In May, the IMF pointed to “tentative signs of improvement” in Sri Lanka, while underscoring the need for timely restructuring agreements with the island’s creditors ahead of the …

Sri Lanka has no money to hold presidential polls in 2023: Cabinet spokesman
1 year, 6 months ago

Sri Lanka has no money to hold presidential polls in 2023: Cabinet spokesman

Firstpost  

Sri Lanka Cabinet Spokesman Bandula Gunawardena said that no elections would be possible this year as the state finances have not improved Economic crisis hit Sri Lanka will not be holding a snap presidential election this year as the government wants to focus on debt restructuring, said Cabinet Spokesman Bandula Gunawardena. Denying speculations that the government might opt to hold …

Timely debt restructuring crucial for Sri Lanka, says IMF
1 year, 7 months ago

Timely debt restructuring crucial for Sri Lanka, says IMF

The Hindu  

Sri Lanka is showing “tentative signs of improvement”, the International Monetary Fund has said, while urging the island nation to reach timely restructuring agreements with its creditors, before the Fund’s first scheduled review in September this year. An IMF mission conducted a staff visit to Sri Lanka From May 11 to 23, to review the implementation of the Fund’s programme …

Sri Lankan Parliament votes to support IMF recovery program
1 year, 7 months ago

Sri Lankan Parliament votes to support IMF recovery program

Associated Press  

COLOMBO, Sri Lanka — Sri Lanka’s Parliament voted Friday to support the implementation of a four-year International Monetary Fund program aimed at solving the country’s economic crisis and reducing its debt burden. The approval strengthens Wickremesinghe’s hands as he holds tough debt restructuring negotiations with Sri Lanka’s external creditors and privatizes state-run enterprises under the program, approved by the IMF …

Sri Lankan Parliament votes to support IMF recovery program
1 year, 7 months ago

Sri Lankan Parliament votes to support IMF recovery program

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Sri Lanka’s Parliament voted Friday …

Sri Lanka trying to reduce overall debt by $17 billion, president says
1 year, 7 months ago

Sri Lanka trying to reduce overall debt by $17 billion, president says

Live Mint  

Sri Lanka is trying to reduce its overall debt by $17 billion through restructuring, its president told the parliament on Wednesday as he sought support of opposition parties for a nearly $3 billion International Monetary Fund programme. President Ranil Wickremesinghe also said the country would discuss debt restructuring with India and the Paris Club of creditors on one platform and …

Debt crisis key priority of India’s G20 presidency, says FM in US
1 year, 8 months ago

Debt crisis key priority of India’s G20 presidency, says FM in US

Hindustan Times  

Washington: Reiterating that addressing the growing debt distress was a priority for India’s G20 presidency, Union finance minister Nirmala Sitharaman has emphasised debt transparency, information-sharing, clarity on the comparability of treatment, predictability and timeliness of restructuring process as key principles that should govern the process. Sitharaman made the remarks while co-chairing a meeting of the global sovereign debt roundtable along …

Crisis-hit Sri Lanka to see economic contraction in 2023: Report
1 year, 8 months ago

Crisis-hit Sri Lanka to see economic contraction in 2023: Report

Live Mint  

Crisis-hit Sri Lanka is estimated to see a contraction in its economic growth this year, according to Asian Development Bank data. The Washington-based financial body has recently approved a 48-month arrangement under the Extended Fund Facility of about USD 3 billion to support Sri Lanka's economic policies and reforms. The needed reforms, according to the development bank's Asian Development Outlook …

Sri Lanka to opt for domestic debt restructuring post-IMF bailout: Government
1 year, 8 months ago

Sri Lanka to opt for domestic debt restructuring post-IMF bailout: Government

The Hindu  

Cash-strapped Sri Lanka is exploring the options for domestic debt restructuring in the post-IMF bailout scenario to further stabilise its shaken economy, an official statement said on Friday. Explained | Understanding IMF bailouts In a statement issued by the Sri Lankan government after making an investor presentation on Thursday, the Governor of the Central Bank and the Secretary to the …

IMF approves $3-billion bailout for Sri Lanka; tackling corruption a key condition
1 year, 9 months ago

IMF approves $3-billion bailout for Sri Lanka; tackling corruption a key condition

The Hindu  

The International Monetary Fund on March 20 cleared a $3 billion-Extended Fund Facility for Sri Lanka, potentially unlocking more loans for the debt-ridden island nation that is struggling to recover from last year’s economic meltdown. Identifying corruption as a key issue, an IMF “governance diagnostic mission” has started assessing Sri Lanka’s governance and anti-corruption framework in its first such exercise …

Sri Lanka's crisis-hit economy shrank by record 7.8% last year
1 year, 9 months ago

Sri Lanka's crisis-hit economy shrank by record 7.8% last year

Firstpost  

An unprecedented economic crisis sparked huge protests in the island nation, culminating last July when a mob stormed the home of then-president Gotabaya Rajapaksa, forcing him to flee the country and resign Colombo, Sri Lanka: Sri Lanka’s crisis-hit economy shrank a record 7.8 per cent last year as long blackouts and critical fuel shortages put a chokehold on local commerce, …

The G20 could help fix Sri Lanka’s debt crisis. Will it step up?
1 year, 9 months ago

The G20 could help fix Sri Lanka’s debt crisis. Will it step up?

Al Jazeera  

The G20 includes Sri Lanka’s top lenders and powers with influence. If this group collaborated effectively, it could make debt relief available to Sri Lanka, and strengthen the protections of people’s economic and social rights during a moment of crisis. While IMF financing may be the reason Sri Lanka’s debt is in the news today, creditors should focus on resolving …

Sri Lanka says ‘positive news’ coming from IMF on $2.9 billion package
1 year, 9 months ago

Sri Lanka says ‘positive news’ coming from IMF on $2.9 billion package

The Hindu  

Sri Lanka is on the verge of getting “very positive news” from the International Monetary Fund on a $2.9 billion programme, a government minister said on Tuesday, while a senior source said it had also won debt restructuring support from China. Sri Lankan President Ranil Wickremesinghe’s office said he would deliver a special statement in parliament on Tuesday to “explain …

Sri Lanka's central bank raises interest rates in anticipation of IMF bailout
1 year, 9 months ago

Sri Lanka's central bank raises interest rates in anticipation of IMF bailout

India TV News  

Sri Lanka's central bank on Friday decided to raise both deposit and lending interest rates in anticipation of the finalisation of a much-needed bailout facility from the IMF, the governor Nandalal Weerasinghe told reporters. “Given the necessity of fulfilling all the ‘prior actions’ in order to move forward with the finalisation of the IMF Extended Fund Facility arrangement, the Monetary …

IMF Only Option Available to Sri Lanka to Overcome Economic Crisis, Says Wickremesinghe
1 year, 10 months ago

IMF Only Option Available to Sri Lanka to Overcome Economic Crisis, Says Wickremesinghe

News 18  

Sri Lankan President Ranil Wickremesinghe on Tuesday emphasised that seeking the IMF bailout package was the only option available to the debt-ridden country to overcome the ongoing economic crisis. “I have no hope of being President for 13 years,” Wickremesinghe said, amidst opposition to his hard economic reforms which had triggered utility rate hikes and increased personal taxes. “There, I …

IMF confirms receipt of India’s financing assurances for Sri Lanka
1 year, 10 months ago

IMF confirms receipt of India’s financing assurances for Sri Lanka

The Hindu  

The International Monetary Fund has confirmedreceiving India’s written financing assurance in support of Sri Lanka’s economic revival, Reuters news agency reported, while Sri Lanka has expressed hope of completing talks on debt restructuring in six months’ time. Meanwhile, speaking at an event in Colombo on Tuesday, Governor of the Central Bank of Sri Lanka P. Nandalal Weerasinghe said: “There has …

India’s helping hand for Sri Lanka | The View From India
1 year, 11 months ago

India’s helping hand for Sri Lanka | The View From India

The Hindu  

India last week became the first of Sri Lanka’s creditors to officially back the crisis-hit country’s debt restructuring programme by sending financial assurances to the International Monetary Fund. The IMF has made its $2.9-billion package for Sri Lanka contingent on “receiving financing assurances from the island nation’s official creditors. India’s External Affairs Minister S. Jaishankar, who visited Colombo on January …

Is debt cancellation the way forward for Sri Lanka?
1 year, 11 months ago

Is debt cancellation the way forward for Sri Lanka?

Al Jazeera  

As 182 economists from around the world issued a call to cancel Sri Lanka’s debt, not all experts agree. The academics have accused private creditors of contributing to Sri Lanka’s first-ever sovereign debt default as they accrued “a massive profit” by charging a premium to lend. Time for bilateral creditors to step up For now, Nandalal Weerasinghe, the head of …

India did not wait, did what was right to help Sri Lanka: Jaishankar
1 year, 11 months ago

India did not wait, did what was right to help Sri Lanka: Jaishankar

The Hindu  

India did not wait for other bilateral creditors but did “what is right” for Sri Lanka’s economic recovery, visiting External Affairs Minister S. Jaishankar said on Friday, following talks with Sri Lankan President Ranil Wickremesinghe in Colombo. India is “a reliable neighbour, a trustworthy partner, one who is prepared to go the extra mile when Sri Lanka feels the need”, …

India to ‘encourage greater investments’ in crisis-hit Sri Lanka
1 year, 11 months ago

India to ‘encourage greater investments’ in crisis-hit Sri Lanka

Al Jazeera  

Sri Lanka’s worst-ever economic crisis is seeing a shortage of foreign currency, runaway inflation and a steep recession. “India will encourage greater investments in the Sri Lankan economy, especially in core areas like energy, tourism and infrastructure,” India’s Foreign Minister Subrahmanyam Jaishankar told reporters in Colombo on Friday. “We count on the government of Sri Lanka to provide a more …

Debt restructuring talks with India and China successful, says Sri Lankan President Wickremesinghe
1 year, 11 months ago

Debt restructuring talks with India and China successful, says Sri Lankan President Wickremesinghe

Firstpost  

The announcement comes in the wake of External Affairs Minister S Jaishankar’s three-day visit to Maldives and Sri Lanka starting today. Colombo: Sri Lankan President Ranil Wickremesinghe on Tuesday informed the parliament that talks with India and China on debt restructuring are successful. “We are continuing discussions in that regard and I am pleased to announce to this House that …

India expected to send ‘positive’ message on debt during Jaishankar’s visit to Sri Lanka
1 year, 11 months ago

India expected to send ‘positive’ message on debt during Jaishankar’s visit to Sri Lanka

The Hindu  

External Affairs Minister S. Jaishankar’s visit to Colombo on Thursday will focus on “supporting Sri Lanka” in its current economic crisis, government sources said, adding that talks are ongoing in the field of energy security, food security, currency swap arrangements as well as talks about restructuring Sri Lanka’s debt. Announcing the visit by EAM Jaishankar, Sri Lankan President Ranil Wickremesinghe …

Jaishankar likely to visit Sri Lanka on 19 January; talks on debt restructuring expected
1 year, 11 months ago

Jaishankar likely to visit Sri Lanka on 19 January; talks on debt restructuring expected

Firstpost  

Sri Lanka will hold debt restructuring talks with India when External Affairs Minister S Jaishankar is expected to visit Colombo this week, President Ranil Wickremesinghe has said, as the cash-strapped country looks to carve a path out of its worst financial crisis. Colombo: Sri Lanka will hold debt restructuring talks with India when External Affairs Minister S Jaishankar is expected …

Cancel Sri Lanka’s debt, global scholars tell creditors
1 year, 11 months ago

Cancel Sri Lanka’s debt, global scholars tell creditors

The Hindu  

Sri Lanka’s recovery from last year’s devastating economic crisis will need its creditors to “share the burden” of debt restructuring, leading global economists have said, calling all lenders to cancel the debt of the cash-strapped island nation. In a statement issued on Sunday, eminent economists and scholars world over observed that amid Sri Lanka’s crucial debt negotiations, “all lenders — …

India's response to Sri Lanka’s request for debt restructuring expected by January end: Ranil Wickremesinghe
1 year, 11 months ago

India's response to Sri Lanka’s request for debt restructuring expected by January end: Ranil Wickremesinghe

The Hindu  

President Ranil Wickremesinghe has said that India's response to cash-strapped Sri Lanka’s request for debt restructuring is expected by the end of this month. Sri Lanka had begun debt restructuring talks with its creditors since September last year as warranted by its agreement with the IMF for the $2.9 billion facility over four years. Sri Lanka awaiting assurances from India, …

Sri Lanka awaiting assurances from India, China, says Central Bank Governor
2 years ago

Sri Lanka awaiting assurances from India, China, says Central Bank Governor

The Hindu  

Sri Lanka is waiting for financing assurances from its bilateral creditors, including India and China, to tap support from the International Monetary Fund, according to Sri Lanka’s Central Bank Governor P. Nandalal Weerasinghe. Balance of Payments With Colombo’s decision to default on its $51-billion foreign debt — the Governor maintained it was a “debt standstill” as against a hard default …

Dragging debt talks in Sri Lanka put spotlight on Chinese loans
2 years ago

Dragging debt talks in Sri Lanka put spotlight on Chinese loans

The Hindu  

As Sri Lanka works hard to obtain financing assurances from its diverse creditors — a pre-requisite for the provisional $2.9 billion-IMF package — the loans obtained from China, the island nation’s largest bilateral lender, have come under sharp focus. Speaking in Parliament on Wednesday, Opposition legislator from the Tamil National Alliance Shanakiyan Rasamanickam accused China of stalling Sri Lanka’s IMF …

Sri Lanka to unveil debt restructuring plan to creditors amid economic crisis
2 years, 3 months ago

Sri Lanka to unveil debt restructuring plan to creditors amid economic crisis

Hindustan Times  

Sri Lankan authorities will formally hold talks with international creditors on Friday to start the process of restructuring billions of dollars of its debt and share plans to tackle the island's worst economic crisis in more than seven decades. Sri Lanka's finance and other officials plan to hold a virtual interactive session to share the objectives of its loan package …

The International Monetary Fund’s staff-level agreement with Sri Lanka
2 years, 3 months ago

The International Monetary Fund’s staff-level agreement with Sri Lanka

The Hindu  

The story so far: The International Monetary Fund on September 1 announced a staff-level agreement with Sri Lanka, months after the island nation’s economic crisis intensified this year, following a serious Balance of Payments problem. It is a formal arrangement by which IMF staff and Sri Lankan authorities agree on a $2.9-billion package that will support Sri Lanka’s economic policies …

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