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Sri Lanka fails to strike supply with sovereign bondholders for USD 12 billion private debt restructuring

Sri Lanka fails to strike supply with sovereign bondholders for USD 12 billion private debt restructuring


COLOMBO: The Sri Lankan governing administration on Tuesday talked about it unsuccessful to get to an association with its bondholders for restructuring throughout USD 12 billion private debt, in the latest setback for the income-strapped island nation which is aiming to fulfill targets for the up coming tranche of the IMF bailout.

Sri Lanka goals to whole bank card debt restructuring agreements with private collectors and sovereign bond-holders by June, in time for the next evaluate of the Intercontinental Monetary Fund (IMF) bailout programme.

The Finance Ministry said that the government held restricted conversations greater than the earlier a couple of months with 9 prospects of the Commercial Hoc Group of Bondholders however couldn’t strike a supply.

“Inspite of constructive discussions, the capabilities didn’t seem to an association on restructuring phrases,” said the assertion issued by RMP Ratnayake, Deputy Treasury Secretary.

It talked about that the government deemed two impartial proposals despatched by the bondholders in March and early this thirty day interval, whereas the bondholders rejected the federal government’s proposal for a 28 per cent haircut.

Sri Lanka is “searching ahead to ongoing engagement in good religion as earlier than lengthy as doable, to succeed in frequent ground sooner or later couple weeks, upfront of the second evaluation of the IMF-Supported Programme remaining deemed by the IMF Govt Board,” it talked about.

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Written by bourbiza mohamed

Bourbiza Mohamed is a freelance journalist and political science analyst holding a Master's degree in Political Science. Armed with a sharp pen and a discerning eye, Bourbiza Mohamed contributes to various renowned sites, delivering incisive insights on current political and social issues. His experience translates into thought-provoking articles that spur dialogue and reflection.

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