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Cabinet nod to restructure Sri Lanka’s international sovereign bonds

26 Nov, 2024

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The Cabinet has approved a proposal to restructure Sri Lanka’s international sovereign bonds.

The Government of Sri Lanka had reached a final consensus on restructuring debt by the members of the Official Credit Committee (OCC) of major bilateral creditors in June, 2024.

In September 2024, an initial agreement has been reached with the international bondholders on restructuring of sovereign debt of USD 14.2 billion, after a compromise discussion with the Adhoc bondholders, a group of representatives of international investors, and the local consortium of Sri Lanka.

Accordingly, the Cabinet of Ministers has approved a proposal presented by President Anura Kumara Dissanayake in his capacity as a Minister of Finance, Planning, and Economic Development to restructure international sovereign bonds through the exchanging of new bonds for presently existing bonds.

The decision was taken after an analysis by the Sri Lankan government?s financial advisors on the impact on the Sri Lankan economy and the composition of the Sri Lanka?s international sovereign debt, investors and settlements and as per the provisions under the International Monetary Fund?s Comprehensive Credit facility and according to the parameters shown by the debt sustainability analysis carried out by the Fund. (Colombo Gazette)

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