Sri Lanka and Japan have discussed new funding strategies to reduce carbon emissions and revive halted projects during a meeting with President Ranil Wickremesinghe, according to his media office. With Sri Lanka reaching an agreement with official creditors to restructure bilateral debt, Japan is now able to provide new loans and resume previously suspended projects.
Sri Lanka and its sovereign bondholders have come to an agreement to exchange $14.43 billion in defaulted bonds and overdue interest for new instruments tied to future GDP growth, governance, and standard fixed interest bonds. Bondholders have consented to an 11% haircut on $1.889 billion of overdue interest, as opposed to an earlier proposal, according
Sri Lanka’s cabinet of ministers has approved borrowing 100 million US dollars from the Asian Development Bank, according to a statement from the state information office. This loan is the first installment of a 300 million dollar program. Sri Lanka recently passed an Electricity Law, which is tied to budget support loans. These budget support
The International Monetary Fund (IMF) announced that it welcomes Sri Lanka’s finalization of debt restructuring agreements with major creditor nations, marking a significant step towards restoring debt sustainability. According to IMF’s Senior Mission Chief in Sri Lanka, Peter Breuer, the agreements reached with China and other creditor nations to restructure approximately $10 billion in bilateral