Sri Lanka's Successful Bond Swap: A New Chapter in Debt Restructuring

Sri Lanka successfully completed an exchange offer for its International Sovereign Bonds, with a 98% participation rate. This move aims to restructure the country's debt, ensuring long-term fiscal stability. President Anura Kumara Dissanayake praised the high participation as a confidence boost from international and local stakeholders.

In a significant move to stabilize its economy, Sri Lanka announced the successful completion of its International Sovereign Bonds exchange offer, which saw an overwhelming 98% participation from bondholders.

The high participation is viewed as a positive sign for the island nation's financial health, as it looks to restructure USD 14.2 billion in debt. President Anura Kumara Dissanayake, who also serves as finance minister, expressed confidence in the support from both international and local stakeholders.

This development comes on the heels of Sri Lanka's ratification of a debt restructuring agreement, crucial for maintaining debt sustainability per International Monetary Fund guidelines.

(With inputs from agencies.)