INSUBCONTINENT EXCLUSIVE:
The government of Sri Lanka has concluded the initial restricted discussions with nine members of the Steering Committee of the Ad Hoc Group
of Bondholders regarding its international sovereign bonds (ISBs).During the discussions, which spanned over the past three weeks
(Restricted Period), Sri Lanka was joined by its legal and financial advisors Clifford Chance and Lazard, respectively, while the restricted
respectively.The Steering Committee as a whole comprises ten of the largest members of the Group, with the Group controlling approximately
agreement on restructuring terms, despite the constructive discussions
Bloomberg said the failure to arrive at a deal puts pressure on Sri Lankan authorities who need to make progress on debt restructuring to
keep funds flowing from the IMF.Further, the Steering Committee has not agreed to an extension of the restricted discussions upon expiration
of the current Restricted Period, according to the statement.During this period, Sri Lanka, the Steering Committee and its advisors met
included an analysis of the sum total of restructuring proposals (for official and private creditors) based on agreed deals with certain
IMF staff noted that these were preliminary assessments and the IMF staff would provide final assessments only after the parties had reached
Steering Committee articulated the reasons why they believed the terms of their MLB proposal were fair and reasonable.The Finance Ministry
