COLOMBO, July 4 (Xinhua) -- Sri Lanka has successfully concluded discussions on restructuring international sovereign bonds worth 12.5 billion U.S. dollars out of the total external debt of 37 billion U.S. dollars, a state minister said on Thursday.
In a social media post, State Minister of Finance Shehan Semasinghe said that the agreement is a crucial step in efforts to restore debt sustainability for the South Asian country.
These restructuring terms now require approval from the official creditor committee and the International Monetary Fund (IMF) to confirm the comparability of treatment and assess compliance with debt sustainability targets, said Semasinghe.
Semasinghe said it marks another key milestone in Sri Lanka's journey towards economic revival and strengthening.
Sri Lanka has recently finalized comprehensive bilateral debt restructuring agreements with key bilateral creditors. ■
