COLOMBO: Sri Lanka's new government has approved a controversial restructure of US$14.7 billion in foreign commercial credit tentatively agreed by its predecessor, the finance ministry said Saturday (Oct 5).
COLOMBO: Sri Lanka's new government has approved a controversial restructure of US$14.7 billion in foreign commercial credit tentatively agreed by its predecessor, the finance ministry said Saturday .
"Sri Lankan authorities confirm their endorsement of ... the agreement in principle terms as announced on September 19," the finance ministry said in a statement. Under the deal announced on Sep 19, private creditors holding more than half of international sovereign bonds and foreign commercial loans to the South Asian nation agreed to a 27 per cent haircut on their loans.International sovereign bonds account for US$12.5 billion and the balance of US$2.2 billion is owed to the China Development Bank.
Austerity measures in line with the IMF bailout loan of US$2.9 billion secured last year helped stabilise the economy but also caused severe hardships for low-income Sri Lankans.
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