Sri Lanka's Debt Restructuring To Be Completed By June
Date
2/19/2024 12:54:38 AM
(MENAFN- Colombo Gazette) The Sri Lankan government is confident of completing the entire debt restructuring process by June this year.
State Minister of Finance Ranjith Siyambalapitiya said that bilateral debt is expected to be restructured by March.
He also said that discussions are ongoing with private creditors and their debt is likely to be restructured by April.
The Minister said the Government is hopeful the entire debt restructuring process will be completed by June.
It was reported recently that while the Government has been having extensive talks with bilateral creditors, including China, similar discissions have not been held with the private creditors.
Senior Mission Chief of the International Monetary Fund (IMF) Peter Breuer had also said recently that the IMF anticipates that Sri Lanka will secure an agreement with its commercial creditors, including bondholders and the China Development Bank, ahead of the next review.
It was reported that the private creditors may do“everything they can” to block the next IMF review and tranche for Sri Lanka if the Government does not actively engage with them.
Sri Lanka was seen as moving at a very slow pace in dealing with private creditors owing to domestic politics and the upcoming elections. (Colombo Gazette)
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