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Sri Lanka to Ensure Equity Among Creditors in Debt Restructure

The move is complicated by the fact that the bankrupt nation has about $50 billion in foreign currency debt — about half its total holdings of public debt — of which some $10 billion is mainly split between China, Japan and India, according to government data as of December. The IMF, which on Sept. 1 struck a preliminary $2.9 billion loan deal, has said Sri Lanka needs to secure financing assurances from its creditors to restore debt sustainability and make “a good faith effort” to reach a collaborative agreement with private creditors in order to tap its funds. 

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