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VisitSri Lanka Reaches Agreement to Restructure $114 Billion Debt as Dollar Bonds Rise 1 Cent
Sep 20, 2024, 02:52 AM
Sri Lanka has reached an agreement in principle with bondholders to restructure its $114 billion debt load, just days before the country heads to elections. The restructuring deal, which includes approximately $17.5 billion of external commercial debt, aims to align with the parameters of the IMF-supported program. The government expects formal confirmation from IMF staff that the agreement is consistent with the program's requirements. Despite this progress, the upcoming election has raised concerns about the continuity of the IMF program and the potential for renegotiation of terms by key candidates. Sri Lanka's dollar bonds have seen a rise of more than 1 cent, bidding at 53-53.9 cents, following the president's pledge to finalize the restructuring deal before the election. The government has issued a notice to bondholders regarding the agreement.
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Markets
No • 50%
Yes • 50%
Official Sri Lankan government announcements, reputable financial news sources
Yes • 50%
No • 50%
Official IMF announcements, Sri Lankan government press releases, reputable financial news sources
No • 50%
Yes • 50%
Bond market data from financial platforms like Bloomberg, Reuters
Incumbent party wins • 25%
No clear winner (hung parliament or runoff required) • 25%
Third-party candidate wins • 25%
Main opposition party wins • 25%
Official election results from the Sri Lankan Election Commission, reputable news sources
Above 60 cents • 25%
Below 50 cents • 25%
50 to 55 cents • 25%
55 to 60 cents • 25%
Bond market data from financial platforms like Bloomberg, Reuters
Program continues with major renegotiations • 25%
Program is terminated • 25%
Program continues without changes • 25%
Program continues with minor renegotiations • 25%
Official Sri Lankan government announcements, IMF statements, reputable financial news sources