Country’s overseas debt restructuring to begin next week | Daily News

Country’s overseas debt restructuring to begin next week

The Finance Ministry will commence restructuring of Sri Lanka’s overseas debt next week with the participation of experienced financial advisors. Accordingly, the Lazard Financial Consulting Company Ltd., the world’s largest independent investment bank, and Clifford Chance LLP, one of the world’s ten largest law firms, are assisting the government on how to restructure Sri Lanka’s debt.

Preliminary discussions between Lazard Financial Consulting Company and representatives of the Government of Sri Lanka, who have been selected as Financial Advisers, will be able to commence next week, Finance Ministry Deputy Secretary Priyantha Ratnayake said.

Arrangements have been made to hold these discussions in Sri Lanka and also online.

The Chairman and Managing Director of Lazard will also visit Sri Lanka. Sri Lanka has suspended the payment of installments and interest on loans obtained from abroad since April 12. The Government of Sri Lanka, which had suspended debt servicing, once again proposed a concessionary arrangement to repay interest and installments as usual.


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