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Sri Lanka Set for Talks on Restructuring $12bn Debt
June 25, 2024
Sri Lankan officials and its global creditors are expected to hold a second round of talks this week on restructuring $12bn of its defaulted debt, according to sources. The talks will be held in Paris where the steering committee will negotiate on the government’s new proposal. Sri Lanka needs to reach a deal with both, bondholders and bilateral lenders to keep receiving the IMF disbursements under the $3bn EFF program. Sri Lanka had sent the restructuring proposal in February earlier this year. It was reported earlier this month that the government and a group of creditors were in advanced talks over a deal.
Sri Lanka’s 7.85% 2029s traded stable at 59.55 cents on the dollar.
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