Negotiations with bondholders will be completed next week

Sri Lanka is upbeat about firming up talks with the bondholders, which will assist the island nation to come out of the ‘selective default’ status faster. President Ranil Wickremesinghe shared that finalisations can be reached as early as next week.

“Following the agreement, the discussions with the bondholders’ representatives are progressing well. Initially estimated to take about a month, these negotiations are proceeding smoothly and we anticipate completing them successfully by next week,” Wickremesinghe said. In addition to the official loans, Sri Lanka also borrowed from private individuals through bonds.

Last week, Sri Lanka inked the debt restructuring agreements with the official creditors and China. The government plans to present both the agreements to Parliament for approval. However, the specific details regarding the agreements would not be shared, Wickremesinghe said.

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