Sri Lanka launches 3-pronged concessional debt restructuring package
Feb 17, 2024
Colombo [Sri Lanka], February 17: The Sri Lankan government has launched a three-pronged concessional debt restructuring package to repay 36 billion U.S. dollars of foreign debt, state media reported on Saturday quoting a minister.
Transport, Highways and Mass Media Minister Bandula Gunawardena said the package will be implemented in three phases: 5-6 years, 6-20 years, and beyond 20 years.
Gunawardena said the government plans to repay 37 percent of the foreign debt within five to six years.
He said 51 percent of loans are to be paid within the next 6-20 years and the remaining 12 percent of the loan amount will be paid off beyond 20 years.
Two consulting firms with international expertise are working on behalf of the Sri Lankan government on the concessional debt restructuring package, Gunawardena said.
Source: Xinhua
