Sri Lanka has brought closure to one of the most challenging sovereign debt restructuring exercises in recent history, Finance Ministry Secretary Mahinda Siriwardana announced.
In a post on ‘X’ (formerly Twitter), Siriwardana expressed gratitude to stakeholders, including the Sri Lankan government, political leadership since his appointment in April 2022, and the country’s international and domestic creditors, who engaged in good faith throughout the process.
He extended special thanks to Sri Lanka’s advisors—Lazard, Clifford Chance, Citi, Sodali & Co—as well as officials from the Ministry of Finance and the Central Bank of Sri Lanka (CBSL) for their tireless efforts over the last 32 months to navigate the nation out of its financial crisis.
Siriwardana highlighted that the restructuring provides significant debt relief, offering Sri Lanka the opportunity to rebuild fiscal and external buffers while setting the stage for economic recovery and growth. “As we close this chapter, Sri Lanka now has the opportunity for a fresh beginning. We must not repeat the mistakes of the past but embark on a journey of sustainable, inclusive, productivity-driven economic growth,” he stated.
The government announced indicative results of its recent consent solicitation and invitation to exchange concerning $12.6 billion in existing bonds, which launched on 25 November. Investors representing 96% of the bonds have agreed to swap their securities for new notes, a crucial milestone for Sri Lanka to exit its extended default.
The initiative’s official results, expected on 16 December, should confirm the restructuring’s completion by year-end, marking a key step toward economic stability.
