Sri Lanka’s ongoing economic recovery program is showing positive results, according to an International Monetary Fund (IMF) spokesperson. The IMF’s next program review and discussions will take place after the formation of a new government following upcoming elections, spokesperson Julie Kozack stated. Kozack noted key economic improvements, including a revival in growth, declining inflation, better
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
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