Sri Lanka to Unveil Domestic Debt Restructuring Plan This Week
- Financial markets to be shut for five days beginning Thursday
- The plan wouldn’t hurt deposit values, CBSL Governor assures
The skyline of Colombo, Sri Lanka.
Photographer: Thilina Kaluthotage/BloombergThis article is for subscribers only.
Cash-strapped Sri Lanka will announce its domestic debt restructuring strategy this week, in a crucial step toward striking a deal with the island nation’s creditors.
The plan will be announced soon, central bank Governor Nandalal Weerasinghe told reporters late Sunday, adding that the South Asian nation has declared a five-day closure of financial markets from Thursday, to give sufficient time for the blueprint to get approval from cabinet and parliament.