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WorldPosted at: Sep 20 2024 4:05PM


Sri Lanka reaches ISB restructuring deal, finalises agreement with China

Colombo, Sep 20 (UNI) Sri Lanka has struck preliminary agreements with international sovereign bond (ISB) holders to restructure about 14.2 billion US dollars of government debt, as well as a definitive deal with the China Development Bank, according to State Minister of Finance Shehan Semasinghe.
Semasinghe tweeted on Thursday afternoon that the ISB agreement was achieved after successful talks with the Ad Hoc Group of Bondholders, which represents foreign investors, and the Local Consortium of Sri Lanka, which represents local financial institutions. The two entities own more than half of the bonds, according to the Treasury.
“Furthermore, we are pleased to confirm that Sri Lanka has also finalised an agreement in principle with the China Development Bank. These significant developments mark a major step forward in our efforts to restore economic stability, achieve long-term sustainability, and deliver appropriate debt relief to Sri Lanka,” he said, reported EconomyNext.
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Tags: #Sri Lanka reaches ISB restructuring deal# finalises agreement with China
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