Cash-strapped Sri Lanka’s bondholders agree debt deal

Sri Lanka
By Editor_1
A general view of Sri Lanka's main business city, Colombo. -Sri Lanka on Tuesday (December 17, 2024) completed its long-delayed foreign debt restructure after the island nation defaulted on its $46 billion external debt in a dramatic 2022 economic crash, a minister told parliament --Dinuka Liyanawatte/ Reuters/File

COLOMBO – Sri Lanka on Tuesday (17) completed its long-delayed foreign debt restructure after the island nation defaulted on its $46 billion external debt in a dramatic 2022 economic crash, a minister told parliament.

Its economy has recovered after getting an International Monetary Fund (IMF) rescue package and imposing austerity reforms aimed at repairing the government’s ruined finances.

“The agreement we have reached today, with announcements from the Singapore and London stock exchanges, is a show of confidence in our government,” Harshana Suriyapperuma, the deputy finance minister, told parliament.

Leftist President Anura Kumara Dissanayake’s National People’s Power (NPP) coalition had previously criticised the restructure deal as unfair to the impoverished nation and vowed to renegotiate after coming to power.

But since its win in snap parliamentary elections last month, Dissanayake has made a U-turn, saying the economic recovery was too fragile to jeopardise any changes.

A majority of private creditors to the South Asian nation agreed in September to a 27% haircut on their loans.

Dissanayake said he would honour a deal secured by his predecessor to restructure $12.55 billion in international sovereign bonds, a key condition to maintain the $2.9 billion four-year IMF bailout loan.

The opposition criticized the move, calling it a “lucrative deal” for bondholders, opposition economic spokesman Harsha de Silva said.

-Agence France-Presse

 

Editor_1
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