Sri Lanka may need private creditor deal to finalize official MOUs says ex-Governor

Sri Lanka
By Editor_1
A general view of city's skyline, amid the country's economic crisis in Colombo, Sri Lanka, April 19, 2022. Sri Lanka's private creditors have sent a proposal on how to restructure $12 billion of overseas debt, including a new type of bond designed to ease repayments in case of future economic pressure - Dinuka Liyanawatte/Reuters/File 

COLOMBO – Sri Lanka may have to wait for an in-principle deal with private creditors before final restructuring deals are inked with official creditors, former central bank governor Indrajit Coomaraswamy said.

The official creditor committee made up of Paris Club lenders and India has given an in-principle deal for Sri Lanka. Exim Bank of China has also agreed to restructure debt.

Official creditors are likely to wait for a deal with private creditors to check the comparability with their restructuring offer, Coomaraswamy told a forum organized by Sri Lanka’s Institute of Chartered Accountants (CA Sri Lanka).

It will prevent a repetition of what happened in Zambia where the official creditors had a dispute over a private creditor deal, he said, adding that official creditors will probably wait for the private creditor deal to get confidence that the principle of comparability is followed.

Sri Lanka has given a proposal to private creditors, who are also keen on a value recovery instrument, Coomaraswamy said.

Sri Lanka has asked US courts to extend a suspension on a case filed by Hamilton Reserve, a holdout investor, by five months to complete debt restructuring.

-economynext.com

Editor_1
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