At the G-24 press briefing during the IMF-World Bank Annual Meetings on October 22, the G-24 countries advocated for the establishment of a common debt framework for middle-income nations, using Sri Lanka as an example of a nation in need of such support. Currently, the framework is limited to low-income countries. According to Iyabo Masha,
The Ceylon Chamber of Commerce has praised the Sri Lankan government’s successful consultations with the International Monetary Fund (IMF) and the Official Creditor Committee (OCC), which cleared the way for an in-principle agreement with private bondholders on restructuring International Sovereign Bonds (ISBs). This development is seen as a crucial step toward achieving external debt restructuring
Sri Lanka has made significant progress in its efforts to exit bankruptcy, reaching an agreement in principle with the ad hoc group of bondholders, China Development Bank, and the Local Consortium of Sri Lanka (LCSL) to restructure approximately US $14.2 billion of sovereign bonds. This milestone comes after the country declared a sovereign default in
Sri Lanka has reached an agreement in principle to restructure approximately USD 14.2 billion in sovereign debt with International Sovereign Bond (ISB) holders and has also finalized an agreement with the China Development Bank, according to State Minister of Finance, Shehan Semasinghe. Semasinghe announced on Thursday, September 19, that the ISB deal was secured after
Sri Lanka has successfully restructured defaulted loans and past due interest owed to the Export Import Bank of China, transforming them into $4.187 billion in new loans, according to the Finance Ministry’s June 2024 debt bulletin. In March 2024, Sri Lanka owed $3.993 billion to the Exim Bank of China, including $903.8 million in arrears.