{"id":1956951,"date":"2023-06-26T07:29:02","date_gmt":"2023-06-26T11:29:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/factbox-sri-lankas-domestic-debt-rework-targets-imf-goals-economic-recovery\/"},"modified":"2023-06-26T07:32:40","modified_gmt":"2023-06-26T11:32:40","slug":"factbox-sri-lankas-domestic-debt-rework-targets-imf-goals-economic-recovery","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/factbox-sri-lankas-domestic-debt-rework-targets-imf-goals-economic-recovery\/","title":{"rendered":"Sri Lanka&#8217;s domestic debt restructuring aligns with IMF goals and aids economic recovery."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ffactbox-sri-lankas-domestic-debt-rework-targets-imf-goals-economic-recovery%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1956951&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"entry-content\">\n<p>By Uditha Jayasinghe<\/p>\n<p>COLOMBO (Reuters) \u2013     Sri Lanka will announce a reworking of its domestic debt later this week to meet targets set by the International Monetary Fund (IMF) and aim to turn around its economy, which has been hammered by a financial crisis.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px;  text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>A severe shortage of dollars tipped the island nation of 22 million people into its <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/a-real-life-iron-man-the-incredible-story-of-elon-musks-rise-to-worlds-richest-man\/\" title=\"\u2018A Real Life Iron-Man\u2019: The Incredible Story Of Elon Musk\u2019s Rise To World\u2019s Richest Man\">worst financial crisis<\/a> since independence from Britain in 1948 last year, triggering its first <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/russia-tries-to-avert-debt-default-with-last-ditch-dollar-bond-payments\/\" title=\"Russia Tries to Avert Debt Default With Last-Ditch Dollar Bond Payments\">foreign debt default<\/a> in May 2022. <\/p>\n<h2>WHAT HAS HAPPENED SO FAR?<\/h2>\n<p>Pledging to put its mammoth debt burden on a sustainable track Sri Lanka locked down a $2.9 billion bailout from the IMF in March. The domestic debt restructure is needed to help the country reach the IMF programme goal of reducing overall debt to 95% of GDP by 2032.<\/p>\n<h2>WHAT WILL THE DOMESTIC DEBT RESTRUCTURE INCLUDE?<\/h2>\n<p>The framework to be unveiled will cover part of the country\u2019s $46.9 billion domestic debt, of which $27.8 billion is held as treasury bonds, according to latest Finance Ministry data.<\/p>\n<p>\u201cThe debt rework may not include principle haircuts. Most likely it will be maturity extensions with a small coupon cut for only a specific pool of investors,\u201d said Udeeshan Jonas, chief strategist at equity research firm CAL Group.<\/p>\n<h2>WHY IS THE DOMESTIC DEBT REWORK CRITICAL?<\/h2>\n<p>The domestic debt rework is also likely to create momentum around foreign debt renegotiations on $36 billion of external debt, including $24 billion held by bondholders and bilateral creditors such as China, Japan and India.   <\/p>\n<p>Sri Lanka has set a goal of finalising debt restructuring talks by September to align with the first review of its IMF programme.<\/p>\n<h2>WHEN IS THE REWORK LIKELY TO BE ANNOUNCED?<\/h2>\n<p>President Ranil Wickremesinghe, who is also finance minister, is expected to present the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/factbox-sri-lankas-domestic-debt-rework-targets-imf-goals-economic-recovery\/\" title=\"Sri Lanka's domestic debt restructuring aligns with IMF goals and aids economic recovery.\">domestic debt restructuring framework put<\/a> together by the island\u2019s central bank and finance ministry to parliament this weekend, sources at his office told Reuters. <\/p>\n<p>The document will be presented to Cabinet late on Monday for approval, two finance ministry sources said.<\/p>\n<h2>HOW WILL POTENTIAL FALLOUT BE PREVENTED?<\/h2>\n<p>Aiming to contain any potential market volatility Sri Lanka has declared a five-day holiday from June 29 to July 3 and plans to gain Cabinet and parliamentary approval for the restructure plans, central bank Governor P. Nandalal Weerasinghe said on Sunday.<\/p>\n<p>The special bank holidays also allow any losses from bond sales to be recognised in the third quarter of the year, analysts said.<\/p>\n<\/p>\n<p> (Reporting by Uditha Jayasinghe; Editing by Swati Bhat and Susan Fenton)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/factbox-sri-lankas-domestic-debt\/attachment\/file-photo-sri-lankas-key-inflation-rate-eases-to-25-2\/\"><\/a><\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/factbox-sri-lankas-domestic-debt\/attachment\/file-photo-domestic-gas-lines-continue-due-to-a-shortage\/\"><\/a><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>After India Prime Minister Narendra Modi and President Biden meet to strengthen ties, Barack Obama makes some very polarizing comments on the state of India during an interview on CNN<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>This week has been filled with major headlines in the U.S. and around the world. One America\u2019s Rachel Acenas brings us more in our Week in Review.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>The massive search for a missing sub with five people on board comes to an end.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>More GOP candidates are entering the 2024 presidential election, with many speculating why now? One America\u2019s Monica Paige reports.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Nick Carey and Aby Jose Koilparambil (Reuters) -Aston Martin has reached a deal that will give U.S. electric vehicle (EV) maker\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Sam Nussey and Tim Kelly TOKYO (Reuters) -Japan stepped up efforts to bolster its chip industry on Monday, with a government-backed\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Jane Lanhee Lee and Nathan Frandino MOUNTAIN VIEW, California (Reuters) \u2013 Google parent Alphabet has already tried and failed to bring\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>HONG KONG (Reuters) \u2013 Berkshire Hathaway, the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/obama-keynotes-disinfo-meeting-alongside-allies-associated-with-fake-news-scandals\/\" title=\"Obama Keynotes Disinfo Meeting Alongside Allies Associated with Fake News Scandals\">investment company owned<\/a> by Warren Buffett, has sold 2.53 million Hong Kong-listed shares of electric\u2026 <\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Sri Lanka plans to revamp its domestic debt this week to meet IMF targets and revive its struggling economy. The country has been hit hard by a financial crisis caused by a severe shortage of dollars.<\/p>\n","protected":false},"author":66,"featured_media":1956952,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-1956951","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1956951","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1956951"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1956951\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1956952"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1956951"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1956951"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1956951"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}