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Sri 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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