INSUBCONTINENT EXCLUSIVE:
Global investors and Sri Lanka officials expect to start negotiations aimed at restructuring $12 billion in defaulted global bonds next
week, according to people familiar with the matter
government to rework the overseas debt that has been in default since 2022, the people said, declining to be named because negotiations are
The goal is to reach a deal quickly, the people said, particularly as Sri Lanka is scheduled to hold presidential elections later this
Wickremesinghe said, according to the statement
world leaders in Washington, D.C., where the topic of debt burdens for poor countries is on the agenda.Last month, Sri Lanka sent a proposal
to holders of dollar bonds as part of its plan to overhaul $27 billion of foreign debt, including bonds and loans
The restructuring is critical to ensure financing from the IMF bailout keeps flowing
President Ranil Wickremesinghe said in February that authorities expect to complete the debt revamp within the first half of the year.The
government has already struck deals with official creditors, including China, India and the Paris Club as well as with holders of its local
debt.Source: Bloomberg--Agencies
