Sri Lanka announced a restructuring plan for its massive domestic debt on Thursday (Jun 29) to meet targets set by the International Monetary Fund (IMF) and aim to turn around its economy, which has been
and aim to turn around its economy, which has been hammered by a financial crisis.
On Thursday, the country's central bank unveiled the restructuring plan, which includes exchanging treasury bills into long-term bonds.Under the domestic debt revamp, holders of locally issued dollar-denominated bonds such as Sri Lanka Development Bonds will be given three options, central bank governor Nandalal Weerasinghe said.
Similar treatment to that being proposed to bilateral dollar creditors: No principal haircut, with a 15-year maturity and 9-year grace period at 1.5 per cent interest rate. Treasury bills and Treasury bond holdings of the banking sector have been excluded from the domestic debt restructuring considering the significant stress on the banking sector at present due to increasing non-performing loans, impact of external debt restructure and high taxation.Treasury Secretary Mahinda Siriwardana said on Thursday that the restructuring would cover part of the country's US$42 billion in domestic debt.
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