The reason why the negotiations with the bondholders are not yet concluded is revealed.

It is reported that Sri Lanka’s debt restructuring process with private bondholders is still ongoing, with two key areas remaining unresolved.

Speaking to the media about the debt restructuring, President’s Chief of Staff Sagala Ratnayake disclosed that both parties engaged in two rounds of negotiations this year based on advice from their respective advisers. They presented proposals and counter-proposals during each round.

Sagala Ratnayake noted that while the International Monetary Fund (IMF) has accepted the government’s proposals, the bondholders have not. Consequently, four areas of disagreement were identified, which were subsequently narrowed down to two.

When questioned whether the disagreement came from local or foreign traders (bondholders), Sagala Ratnayake, Senior Advisor to the President, declined to provide specific information. He stated, “We cannot disclose details on these matters as we have agreed to maintain confidentiality regarding the discussions.”

Additionally, he clarified that discussions with private dealers constitute only a part of the debt restructuring program. He mentioned, “We have successfully negotiated with the Official Committee of Creditors (OCC), which comprises bilateral creditors. Sri Lanka has also had fruitful discussions with China. We only need to decide whether to pursue a single agreement with the OCC or individual agreements with each member state of the OCC.” He assured that Sri Lanka has no issues with bilateral creditors.

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