Sri Lanka trying to reduce overall debt by $17 bln, says president

Sri Lanka
By Editor_1
Sri Lanka's President Ranil Wickremesinghe attends the country's 75th Independence Day celebrations in Colombo, Sri Lanka February 4, 2023. Wickremesinghe told the Parliament on Wednesday (April 26) Sri Lanka is trying to reduce its overall debt by $17 billion through restructuring - Dinuka Liyanawatte/Reuters
By Asiri Fernando and Uditha Jayasinghe

COLOMBO – Sri Lanka is trying to reduce its overall debt by $17 billion through restructuring, its president told the Parliament on Wednesday (26) as he sought support of opposition parties for a nearly $3 billion International Monetary Fund (IMF) program.

President Ranil Wickremesinghe also said the country would discuss debt restructuring with India and the Paris Club of creditors on one platform and with China separately.

Caught in its worst financial crisis since independence from Britain in 1948, the island nation of 22 million people secured an IMF loan last month.

Sri Lanka owes $7.1 billion to bilateral creditors, according to official government data, with $3 billion owed to China, $2.4 billion to the Paris Club and $1.6 billion to India.

Wickremesinghe said no final decision had been taken yet on domestic debt restructuring.

He added that the country needs to accelerate growth to 6% or higher by 2028 or 2029 to repay debt and develop.

Sri Lanka is yet to finalize the debt restructuring plan which was expected to be handed over to the IMF, creditors and bondholders by the end of April, a senior finance ministry source said, adding that the government is in touch with the IMF regarding the matter.

“We are still finalizing the plan, it requires a lot of serious discussions. The (restructuring) program may get delayed a few days or a week,” the source said, declining to be named as they were not authorized to speak to media.

Bloomberg News reported on Wednesday that Sri Lanka had pushed back release of debt restructuring plan to middle of May.

Sri Lanka will likely have another year of economic contraction in 2023, ratings agency S&P said on Wednesday but noted that conditions in the country were beginning to stabilize.

It affirmed Sri Lanka’s long-term and short-term foreign currency sovereign credit ratings as ‘SD/SD’, meaning selective default, and retained outlook on the long-term local currency rating as negative.

-Reuters

 

 

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