Clifford Chance and Lazard update to Lankan creditors on Friday

Clifford Chance and Lazard are inviting those interested for an update on Sri Lanka’s debt restructuring on Friday at 5.30 p.m. local time.

This will be the first open engagement with creditors of Sri Lanka since the appointment of Clifford Chance and Lazard as legal and financial advisors respectively to the Government. To date, it had individual meetings with bilateral creditors.

Sri Lanka in April suspended servicing of $ 47 billion external debt held by bilateral and private creditors as well as International Sovereign Bonds.

In August, the Finance Ministry issued its update to creditors on the measures taken to ensure debt sustainability.

Soon after Sri Lanka signed the Staff-Level Agreement with the International Monetary Fund on 1 September for a $ 2.9 billion four year Extended Fund Facility, Finance Ministry said authorities intend to make a presentation to creditors in the “next few weeks” to update them on the most recent macroeconomic developments in the country, the main areas of the reform package agreed with the IMF staff and the next steps of the debt restructuring process.