Sabry briefs foreign envoys of Prez’s strategy – The Island

Gunawardena said that Sri Lanka was facing the worse economic crisis, since Independence, and it was unable to pay its foreign debt.Sri Lanka has suspended the repayment of two types of loans, i.Minister Gunawardane said that ISBs were the biggest portion of Sri Lanka’s foreign debt.Sri Lanka had issued ISBs worth about 18 billion US dollars, from 2007 to 2019, he said.

Minister Gunawardane said President Ranil Wickremesinghe, as the Minister of Finance, had presented a Cabinet Paper on Monday and proposed that Sri Lanka secure the services of a company to identify those who held the country’s International Sovereign Bonds (ISB) and to inform them of the government’s restructuring plans.These include ISBs, Sri Lanka Development Bonds and bilateral loans.