Sri Lanka seeks to identify ISB holders to help restructure debt ...Middle East

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Sri Lanka seeks to identify ISB holders to help restructure debt
source : Daily Sun ( Middle East ) () 22
COLOMBO: Sri Lanka’s cabinet said on Tuesday that it has approved a proposal to seek the services of two international companies to identify who holds the country’s International Sovereign Bond (ISB) and to communicate the government’s restructuring plans with them, reported Xinhua.Cabinet spokesman Bandula Gunawardena told the media that Sri Lanka is facing the biggest economic crisis since independence and the country is unable to pay its foreign debt.“We need to work our way through this. We need to work with the International Monetary Fund and we need to restructure our debt. Sri Lanka has suspended the repayment of two types of loans, i.e., bilateral loans and ISBs,“ he said.Gunawardena

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