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Sri Lanka’s dollar bonds inched higher as it expects to strike major deals as part of its domestic debt restructuring this month. This comes at a time when the IMF is conducting the first review of its $3bn loan program to the nation. The central bank governor said that they tax laws are likely to be amended to allow a domestic bond swap to be completed by mid-September. He added that officials also plan to reach an agreement on restructuring foreign debt this month. Sri Lanka had secured a $3bn IMF bailout program in March this year after having defaulted in 2022. As per the IMF, Sri Lanka’s domestic debt stood at ~$38bn in 2022, and external debt at $41bn.
Sri Lanka’s dollar bonds were up ~0.5 points to trade at 45-49 cents on the dollar.
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