Sri Lanka govt ratifies debt restructuring agreement for $ 14.2 bn

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Sri Lanka govt ratifies debt restructuring agreement for $ 14.2 bn - Business Standard

Quick Summary:

The development comes days after the National People's Power (NPP) government on Saturday got the International Monetary Fund (IMF) approval for a staff-level agreement to secure the fourth tranche of the nearly USD 3 billion bailout package, something that President Anura Kumara Dissanayake backed despite his pre-presidential election rhetoric to renegotiate with the global lender to water down tough conditions.

Sri Lanka's new government on Tuesday announced that it has ratified the agreement for debt restructuring sealed in the previous regime for USD 14.2 billion compulsory to maintain debt sustainability by the IMF through an exchange of new bonds for the existing bonds.

The debt restructuring agreement was reached in the last week of the then President Ranil Wickremesinghe's regime in September, days before the presidential polls.