Sri Lanka considering restructure of local and sovereign debt: President

, President Ranil Wickremesinghe said on Friday , as the island nation battles its worst financial crisis in its independent history.

"Have we got to look at local debt? That has far-reaching consequences," Wickremesinghe told a conference in Colombo."The financial advisors are looking at both things." "Restructuring domestic debt is like surgery - you only do it if you must, and you avoid it if it might do more harm than good," officials at the IMF said in a blog post in December.

"Positive about joining forces for the sake of the country. Shall do so without ministerial positions, perks and privileges."Hit hard by the pandemic, which decimated the vital tourism industry, and by tax cuts pushed through by the government of then-President Gotabaya Rajapaksa, Sri Lanka is experiencing its worst economic crisis since independence from Britain in 1948.Months of unrest toppled Rajapaksa in July after protesters occupied key government buildings in Colombo.

Source: Loan Digest (loandigest.net)

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