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Sri Lanka Nears Bilateral Debt Restructuring Deal with Creditors
June 6, 2024
Sri Lanka and a group of creditors are in advanced talks for restructuring the nation’s bilateral debt, according to the sources. The members of the official creditor committee includes India, Hungary and the Paris Club. They are currently exchanging draft versions of the accord with the Sri Lankan government, the sources added. The agreement between Sri Lanka and the official creditor committee was reached in November last year, but the documents are required to finalize the agreement and settle the deal. Sri Lanka needs to reach deals with bilateral lenders and bondholders to keep receiving disbursements from the IMF under its $3bn bailout program.
Sri Lanka’s dollar bonds were trading at levels of 58-60 cents on the dollar.
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