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Sri Lanka’s Bonds Jump On President’s Plans to Begin Talks with the IMF
September 26, 2024
Sri Lanka’s bonds jumped by 1-2 points across the curve after its newly elected President, Anura Kumara Dissanayake, said that he plans to initiate talks with the IMF and renegotiate the $3bn bailout before implementing further initiatives. He said, “We will start a discussion with creditors and wrap up debt restructuring and get the concessions,” without sharing more details. On the other hand, the IMF this week said it will discuss the timing of the third review of the nation’s loan program with the new administration “as soon as practicable”. Dissanayake also dissolved parliament and called for early elections on 14 November to strengthen his legislative support. He appointed Harini Amarasuriya as the new Prime Minister and formed a three-member cabinet. Sri Lanka had reached the debt restructuring deal with creditors earlier last week, just two days prior to the national elections.
Its 6.825% 2026s was up by 2.2 points to 53.7 cents on the dollar.
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