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A Local Culinary Adventure: inspired by Halifax's Seaport Market | SaltWire #cooking #cookingtips - Sri Lanka, mired in its worst economic crisis in decades, is in debt restructuring talks with a range of bilateral creditors, including China, its largest single creditor.
China said this week that the Export-Import Bank of China had reached a preliminary deal with the country on the disposal of China-related debts, but did not share details.As part of the terms of the IMF bailout, Sri Lanka has to secure assurances of debt restructuring from bondholders and key bilateral lenders including China, Japan and India.
Under a domestic debt restructuring programme announced in June, Sri Lanka accepted offers to exchange about $10 billion worth of defaulted local debt for new bonds, the Finance Ministry said on Tuesday, taking it a step closer towards meeting debt restructuring requirements. Sri Lanka failed to reach an agreement with the IMF in its first review of the bailout package last month due to a potential shortfall in government revenue and the IMF delayed the release of the second tranche of $330 million.According to data from the finance ministry, Sri Lanka's external debt was $36.09 billion at the end of March this year. Once the debt restructuring is completed, Sri Lanka hopes to reduce its overall debt by $16.9 billion.
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