Sri Lanka eyes US$5 billion in foreign funds after debt restructure

05 Feb, 2024

Sri Lanka expects to attract about US$5 billion in foreign funds in the next two years once it is able to finalise the restructuring of its overseas debt, the country?s foreign minister said on Monday (Feb 5).

The nation defaulted on its overseas debt in May, 2022 after a severe shortage of foreign exchange reserves triggered the worst financial crisis since independence from Britain in 1948.

Sri Lanka has since made progress on about US$11 billion of bilateral debt restructuring and hopes to have agreements in place with all key creditors, including bondholders, by May at the latest, Foreign Minister Ali Sabry told Reuters.

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Colombo Gazette is a leading news and entertainment website, covering stories related to Sri Lanka. The content consists of text based news, photos and videos and is linked to social media websites including Facebook, Twitter and Instagram, to provide a wider coverage for its stories.