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 as it seeks to restructure its massive debt
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.
Pledging to put its mammoth debt burden on a sustainable track, Sri Lanka locked down a $2.9 billion bailout from the IMF in March, which is due for its first review in September. The domestic plan announced on Thursday did not give details on Colombo's pitch to foreign lenders, but Weerasinghe indicated the government is proposing the same terms to both local and international creditors.
"We are asking foreign debt holders for a 30% haircut but that is still under discussion," 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.
- Exchange their holdings for local currency denominated instruments: No principal haircut with a 10-year maturity at the SLFR + 1% interest rate.
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