brand logo

Debt restructuring: Financial and legal advisors finalised

07 May 2022

  • Names to be submitted to Cabinet tomorrow
By Maheesha Mudugamuwa Two candidates for the posts of legal consultant and financial advisor, who will help Sri Lanka negotiate rescheduling of debt, have been finalised by the technical and steering committees, The Sunday Morning learns. It is understood that the names of the two finalised candidates will be submitted to the Cabinet of Ministers for approval tomorrow (9).  Sri Lanka urgently needs to appoint qualified and reputed financial and legal advisors to begin the debt rescheduling process, which will in turn help Sri Lanka negotiate with the International Monetary Fund (IMF) for an assistance programme. Last month, The Sunday Morning reported on the need to expedite the hiring of two reputed advisors to ensure Sri Lanka’s interests are upheld when the restructuring of negotiations begins with the creditors. “The technical committee and the steering committee have finalised the names for a legal consultant and a financial advisor and the names will be submitted to the next Cabinet meeting,” Deputy Secretary to the Treasury R.M.P. Ratnayake told The Sunday Morning. Last month, the Sri Lankan delegation and the IMF team had technical discussions on the authorities’ request for an IMF-supported programme and the discussions covered recent economic and financial developments in Sri Lanka, the need for implementing a credible and coherent strategy to restore macroeconomic stability, and the importance of stronger social safety nets to mitigate the adverse impact of the current economic crisis on the poor and vulnerable. Sri Lanka has also sought to restructure bilateral debt with Japan, India, and China.    


More News..