(Bloomberg) -- Sri Lanka expects to forge major deals in its debt restructuring this month as the International Monetary Fund conducts the first review of its $3 billion loan program.
Legislators this week are likely to pass a bill amending tax laws, clearing a legal hurdle and allowing a domestic bond swap to be completed by mid-September, central bank Governor Nandalal Weerasinghe said at an investor forum Tuesday. Meanwhile, officials expect to reach an agreement on how to restructure its foreign debt also this month, he said.
-
Indian Markets Turning Corner After Two Tough Years, Says Sandeep Tandon -
NDTV Profit Ignite 2026: Experts See Opportunity In Equities, Stay Bullish For Long-Term -
Buy Right, Sit Tight Does Not Work for Individual Stocks, Says Dinshaw Irani -
'Worst Is Behind': Quant MF Sees Market Bottom, Flags 'Extreme Euphoria' In Midcaps -
India's Mutual Fund Industry Could Become A $1 Trillion Opportunity, Say Fund Managers -
'Foreign Investors Are Baraatis': Raamdeo Agrawal's Take On LTCG Tax -
Stay Invested Through Market Cycles: Raamdeo Agrawal at NDTV Profit Ignite -
Ramesh Damani Remains Bullish On India For Next 20-30 Years, Sees Bargains Amid Market Weakness -
CAS Came After A Long Consultation Process: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFIT IGNITE -
Aim To Cut FPI Onboarding Time From Mth To Five Days: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFI
After months of delay, Sri Lanka is stepping up efforts to fast-track its debt restructuring to help secure more funds from the IMF and set its economy back on track after it defaulted in 2022. Sri Lanka's dollar bondholders and lenders like China and India are closely watching the local debt exchange as creditors seek equal treatment.
“A conclusion to the domestic debt restructuring is now likely in the next 10 to 15 days,” said Saurav Anand, South Asia economist at Standard Chartered Plc. “It's less likely that external negotiations will be completed this month.”
Passing the IMF review, which will be held from September 14 to 27, will pave the way for the disbursement of about $330 million by November. Sri Lanka's dollar bonds due 2030 edged up 0.2 cents to 44.7 cents on the dollar on Tuesday, according to indicative pricing compiled by Bloomberg. The rupee fell 1% to 321 per dollar, the biggest drop in a month.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.