Sri Lanka is asking foreign investors in its international sovereign bonds to take a 30% haircut and is seeking similar concessions from holders of its other dollar-denominated bonds.
Nandalal Weerasinghe, newly appointed Governor of the Central Bank of Sri Lanka, speaks during a news conference, amid the country's economic crisis in Colombo, Sri Lanka, April 8, 2022. REUTERS/Dinuka Liyanawatte/File PhotoGovernment hopes to put debt payments on more sustainable pathFramework to be presented to parliament on Saturday
Sri Lanka is struggling with its worst financial crisis since its independence from Britain in 1948 after the country's foreign exchange reserves hit record lows and triggered its first foreign debt default last year. Under the domestic debt revamp, holders of locally issued dollar-denominated bonds such as Sri Lanka Development Bonds will be given three options, Weerasinghe said.
China wants multilateral lenders like the International Monetary Fund and World Bank to absorb some of the losses, which those institutions and many developed nations, notably the United States, are resisting.The domestic restructuring programme will be presented to parliament on Saturday for approval.in budgetary and welfare support for the country, the biggest funding tranche for the island nation since the IMF deal in March.
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